Trump Refinanced $7 Million Loan for Jean Georges Space in Julyby
Ladder Capital, a frequent Trump lender, issued the mortgage
Previous loan issued by subsidiary of UBS Group in 2006
A limited liability corporation owned by then-presidential candidate Donald Trump refinanced a $7 million loan in July, secured by a space occupied by Manhattan’s storied Jean Georges restaurant and the building’s parking garage.
Ladder Capital Corp. refinanced the loan issued to TIHT Commercial LLC, according to a Feb. 7 regulatory filing by Wells Fargo & Co., which bundled the mortgage with other debt to sell to investors. A previous loan for the same amount, disclosed by Trump in a filing to the U.S. Federal Election Commission in May, had been issued against the space by a subsidiary of UBS Group AG in 2006. The new loan has a 4.05 percent interest rate, compared with a 6.18 percent rate for the previous loan.
Ladder Chief Executive Officer Brian Harris confirmed the deal in an e-mail. A spokeswoman for the Trump Organization didn’t immediately respond to a request for comment.
Ladder has been a frequent lender to Trump in recent years. It issued a $160 million loan against his office tower at 40 Wall Street in 2012, a $15 million loan backed by the retail spaces at Trump Plaza on Third Avenue, and $100 million against the commercial spaces at Trump Tower on Fifth Avenue in 2015. The debt was then sold off to investors.
Jean Georges, located at the base of Trump International Hotel and Tower at 1 Central Park West, holds a three-star rating from the Michelin Guide. The space and garage were appraised at $17 million in June. After winning the presidency, Trump dined at the restaurant with former presidential candidate Mitt Romney in November.
Trump hasn’t divested his holdings. Documents filed with New York show he has technically transferred control of the Jean Georges space, along with other investments, to a revocable trust managed by his sons Eric and Donald Trump Jr.