NY prosecutors want info on Paul Manafort’s real estate loans

Former Trump campaign chair borrowed $16M from small Chicago bank

TRD New York /
Jul.July 18, 2017 11:25 AM

Paul Manafort and Steve Calk (Credit: Getty Images)

Manhattan’s District Attorney Cyrus Vance Jr. requested information on $16 million in real estate loans issued to Paul Manafort amid a fraud and money laundering probe into the former campaign chairman for President Trump.

Manafort and his wife borrowed $16 million against two New York properties and a Virginia home from Federal Savings Bank, a Chicago-based lender with a mere $67 million in equity. The bank’s head Steve Calk personally knew Manafort, was a member of Trump’s economic advisory team and hoping for a gig as Army Secretary, the Wall Street Journal reported.

Manafort’s Brooklyn townhouse was in foreclosure around the time he landed the loan, the Journal reported, after a mortgage backed by the property and used to fund real estate investments by his son-in-law went into default. The son-in-law, Jeffrey Yohai, ran a real estate investment business focused on California. A recent lawsuit by an investor accused him of running a Ponzi scheme, a charge the FBI is investigating.

New York Attorney General Eric Schneiderman recently sought information about Yohai’s investments. The AG and Vance are both examining whether Manafort used real estate deals to launder money. [WSJ]Konrad Putzier


Related Articles

arrow_forward_ios

Real estate stocks push up this week as U.S.-China trade tensions ease

416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Alexandria Ocasio-Cortez, Bernie Sanders and Elizabeth Warren

By the numbers: Breaking down national housing agendas from the far left

Joel Schreiber (Credit: Shir Stein and Wikipedia)

WeWork’s first investor used his stock as collateral. Now his lenders are suing him

Nuveen CEO Vijay Advani, Blackstone President & COO Jonathan Gray and one of the Texas properties

Blackstone just sold off a 29M sf national industrial portfolio

The purge continues: WeWork’s head of real estate is leaving

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

163 North 6th Street and the Tel Aviv Stock Exchange Bull (Credit: Google Maps, Wikipedia)

Joel Gluck’s Israeli bond issuance falls through as Williamsburg rental project faces financing crunch

arrow_forward_ios