JPMorgan Signals Debt Markets Are Trump’s Friend Right Now
- Bank arranging a $1.2 billion loan tied to San Francisco tower
- Offices owned with Vornado are Trump’s most valuable assets
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Vornado Realty Trust is looking to refinance debt on two office towers -- one in San Francisco and one in New York -- that it owns with Donald Trump, a move that could provide hundreds of millions of dollars to the former president’s business.
Vornado, run by Steven Roth, has tapped JPMorgan Chase & Co. to lead a $1.2 billion loan for a complex centered around 555 California St., one of the tallest buildings in San Francisco. Proceeds will fund improvements to the buildings and return about $617 million to the owners, according to a marketing document obtained by Bloomberg.