Paul Manafort secured $20M in real estate loans from companies with Trump connections

Financing was secured, in part, by NYC real estate players

TRD New York /
Apr.April 13, 2017 10:41 AM

While working in the Ukraine, Paul Manafort invested millions of dollars in real estate to secure loans needed to curb various financial losses.   

Manafort, who was pushed out of Donald Trump’s campaign in August, purchased condos and apartments in New York, Los Angeles, Virginia and Florida. He used many of these properties as collateral as he borrowed voraciously from companies with ties to the president, the New York Times reported. The properties include a $3.7 million apartment in Trump Tower.

The purpose of at least part of the $20 million loans secured by his properties seems to be to counter the financial blowback from his son-in-law declaring bankruptcy. His daughter is married to Jeffrey Yohai, a spec house developer who filed for Chapter 11 in December.

Shortly after leaving Trump’s campaign, Manafort snagged a $3.5 million loan from Spruce Capital Partners, secured by a home in the Hamptons. The financing seems out of step with Spruce’s most recent lending activities, since it’s the only single-family house and only property outside of New York City. Spruce has Ukranian connections through one of its backers, billionaire Alexander Rovt. Joshua Crane, a co-founder of Spruce, has also been involved in two Trump hotel projects.

“There is nothing out of the ordinary about them,” Manafort said of his loans, “and I am confident anyone who isn’t afflicted with scandal fever will come to the same conclusion.” [NYT]Kathryn Brenzel


Related Articles

arrow_forward_ios
348 Court Street (Photo by Justin Heiman/Getty Images)

Collapses raise questions about safety-law exemption

Collapses raise questions about safety-law exemption
Senate Minority Leader Chuck Schumer and Senate Majority Leader Mitch McConnell (Schumer by Tasos Katopodis/Getty Images; McConnell by Ting Shen/Xinhua via Getty)

Schumer v. McConnell on SALT: Who’s gonna give?

Schumer v. McConnell on SALT: Who’s gonna give?
From left: Jared Kushner, 715 Park Avenue, Deutsche Bank CEO Christian Sewing, and Rosemary Vrablic (Credits: Kushner by BRENDAN SMIALOWSKI/AFP via Getty Images; 715 Park via Google Maps; Sewing by by Thomas Lohnes/Getty Images; Vrablic by PAUL LAURIE/Patrick McMullan via Getty Images)

Apartment sale to banker for Trump and Kushner probed

Apartment sale to banker for Trump and Kushner probed
Assemblyman Harvey Epstein and Senator Brad Hoylman (Epstein by Erik McGregor/LightRocket via Getty Images; Hoylman by Roy Rochlin/Getty Images)

Lawmakers introduce bill to keep rent regulation alive

Lawmakers introduce bill to keep rent regulation alive
China’s housing market is into bubble territory

There are fears of a great housing bubble in China

There are fears of a great housing bubble in China
Governor Andrew Cuomo (Getty, iStock)

What NYC’s phase 4 means for real estate

What NYC’s phase 4 means for real estate
Hong Kong

Foreign firms are vacating Hong Kong offices like never before

Foreign firms are vacating Hong Kong offices like never before
Mayor Bill de Blasio (Getty, Wikimedia)

Landlords challenge city laws protecting non-paying businesses

Landlords challenge city laws protecting non-paying businesses
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...