Trump Organization asks lenders for relief on UES building

The company, which cannot tap public funds via the CARES Act, sought relief on a $15M CMBS loan

TRD New York /
Jun.June 17, 2020 01:00 PM
Eric Trump, Donald Trump, and Donald Trump Jr. with  Trump Plaza at 167 East 61st Street (Getty Images, Google Maps)

Eric Trump, Donald Trump, and Donald Trump Jr. with  Trump Plaza at 167 East 61st Street (Getty Images, Google Maps)

The Trump Organization joins the ranks of landlords seeking relief from their loan obligations this spring.

The company, run by President Donald Trump’s sons, asked lenders for relief due to Covid-19 on a loan against its retail space at the base of Trump Plaza on the Upper East Side, Bloomberg reported. The terms sought or concessions agreed to were not made public.

Retail tenants at the property include a vitamin shop, Mephisto shoe outlet and the Upper East Cafe.

The retail property was last appraised in 2014 for $41 million, when the Trump Organization secured a $15 million loan from Ladder Capital, according to Bloomberg. The deal was securitized into a package of loans that have conservative loan-to-value ratios under 50 percent.

In April, the Trump Organization was reportedly losing $1 million a day from its hotel properties. Ladder Capital, which frequently lends to the real estate firm, began selling assets, though the commercial mortgage REIT said in a May earnings call that it wasn’t having any problems meeting higher-than-expected margin calls.

The Trump Organization, barred from seeking public rescue funds provided through the CARES Act, has reportedly also engaged Deutsche Bank to discuss relief measures. [Bloomberg] — Erin Hudson


Related Articles

arrow_forward_ios
CIM Group’s Shaul Kuba, Knotel's Amol Sarva, Related Group’s Jorge Pérez and The Agency’s Mauricio Umansky (Getty, Sarva by Sasha Maslov, iStock)

These real estate companies got fat PPP loans

These real estate companies got fat PPP loans
Photo illustration of Mayor Carlos Gimenez (Getty, iStock)

Restaurants, gyms to close again in Miami-Dade

Restaurants, gyms to close again in Miami-Dade
270 Park Avenue (Google Maps; iStock)

City planning through a pandemic

City planning through a pandemic
(iStock)

UK home prices hit a low not seen since 2012

UK home prices hit a low not seen since 2012
San Francisco Supervisor Dean Preston and San Francisco Apartment Association Executive Director Janan New

Real estate groups challenge San Fran’s permanent ban on coronavirus-related evictions

Real estate groups challenge San Fran’s permanent ban on coronavirus-related evictions
Malls are hemorrhaging retailers left and right. What will happen with all that space? Some could be converted into apartments and condominiums. (iStock)

Retail-to-residential conversions are in cards at America’s doomed malls

Retail-to-residential conversions are in cards at America’s doomed malls
Photo illustration of Gov. Andrew Cuomo, Judge C. Stephen Hackeling and Chief Justice Lawerence Marks (Getty, iStock)

Judge rules evictions guidance unconstitutional, moratorium invalid

Judge rules evictions guidance unconstitutional, moratorium invalid
Related chairman Stephen Ross and Related Companies Portfolio CEO Richard O’Toole withBronx Terminal Market and Time Warner Center (Getty, Google Maps, Wikipedia)

Related lays out $200M debt settlement plan for Tel Aviv bondholders

Related lays out $200M debt settlement plan for Tel Aviv bondholders
arrow_forward_ios

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

Loading...