search

The Real Deal Logo

Trending

Evictions surge at Hialeah’s luxury apartment projects Shoma Village, Pura Vida and ManorEvictions surge at Hialeah’s luxury apartment projects Shoma Village, Pura Vida and ManorMarty Burger’s new venture sputters on takeoffMarty Burger’s new venture sputters on takeoffLawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aDavid Werner strikes $115M deal to snap up 100 Wall Street at big discountDavid Werner strikes $115M deal to snap up 100 Wall Street at big discount
Politics
New York

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

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

<em>Paul Manafort and Trump Tower (Credit: Getty Images)</em>
Paul Manafort and Trump Tower (Credit: Getty Images)

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.

Sign Up for the undefined Newsletter

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

Tags
Politics