Trump refinances 725 Fifth with lower interest rate and more cash

TRD New York /
Sep.September 05, 2012 06:00 PM

The Donald’s Trump Organization has a refinance in the works for the 244,482 square feet of retail and offices at the Trump Tower headquarters at 725 Fifth Avenue, the Wall Street Journal reported. The deal replaces a $27 million mortgage that’s soon to expire with a $100 million mortgage with some perks: a 4.2 percent interest rate and about $72.4 million in extra cash.

The new interest rate marks a decline from the previous 7.9 percent one. The property, excluding the more than 200 condominium units, is valued at $480 million. “It’s such a small loan-to-value [ratio] that it was a good opportunity to do this” Allen Weisselberg, Trump Organization’s chief financial officer, told the Journal of securing the lower rate.

As of yet, there are no plans for the $72.4 million in cash. The building’s commercial space boasts nearly 99 percent occupancy, the Journal said, with such tenants as Gucci America and Industrial and Commercial Bank of China. [WSJ]


Related Articles

arrow_forward_ios
Make Greenland Great Again? Trump wants to buy Arctic territory

Make Greenland Great Again? Trump wants to buy Arctic territory

Hamptons’ priciest summer rental to host MAGA extravaganza next month

Hamptons’ priciest summer rental to host MAGA extravaganza next month

Donald Trump with Rep. Emanuel Cleaver II, Rep. Ron Kind and Sen. Cory Booker (Credit: Getty Images, iStock)

Trump’s Opportunity Zone program is under investigation

Mayor Bill de Blasio, 40 Wall Street, and President Donald Trump (Credit: Getty Images, 40 Wall St. via the Trump Organization)

Trump Org blasts mayor for criminal referral of tax findings

Donald Trump and the Trump Hotel in Washington D.C. (Credit: Getty Images)

Deadline is set for bids on Trump’s DC hotel

Rudin Management Company's Bill Rudin, Blackstone's Jonathan Gray and Mike Bloomberg (Credit: Getty Images)

Bloomberg pitches real estate execs at NYC campaign HQ

Clockwise from left: 1290 Sixth Avenue, 40 Wall Street, President Donald Trump, Trump National Doral in Miami and Trump International Hotel in Washington, DC (Credit: Getty Images, Vornado, Wikipedia)

Trump Org’s office holdings help offset hotel losses: analysis

Paul Manafort and Manhattan District Attorney Cyrus Vance Jr. (Credit: Getty Images)

Judge tosses mortgage-fraud case against Manafort

arrow_forward_ios
Loading...