Trump announces he has taken a $1.2B loan against his Bank of America skyscraper


Trump announces he has taken a $1.2B loan against his Bank of America skyscraper in San Francisco – his most valuable asset – but does NOT say who the lender is

  • The statement was tweeted by Maggie Haberman of The New York Times
  • It comes amid revelations of his fury that New York State Attorney General Letitia James has opened a criminal investigation into his taxes 
  • ‘A loan of $1.2 billion has closed on the asset known as the Bank of America Building (555 California Street) in San Francisco, CA,’ Trump said
  • He added: ‘The interest rate is approximately 2%. Thank you!’

Former President Donald Trump announced on Wednesday that he has taken a $1.2 billion loan against his Bank of America skyscraper in San Francisco – his most valuable asset – but does not identify the lender.

The statement was tweeted by Maggie Haberman of The New York Times and comes amid revelations of his fury that New York State Attorney General Letitia James has opened a criminal investigation into his taxes.

‘A loan of $1.2 billion has closed on the asset known as the Bank of America Building (555 California Street) in San Francisco, CA. The interest rate is approximately 2%. Thank you!’ Trump said in the statement.

Yashar Ali, a contributor to New York Magazine, noted that the loan comes in the form of bonds – not a traditional bank loan.

‘This building is Trump’s most valuable asset and his partner is Vornado. This will pour $612 million into the Trump Organization and Vornado, the reminder will go into building improvements,’ Ali tweeted.

Former President Donald Trump announced on Wednesday that he has taken a $1.2 billion loan against his Bank of America skyscraper in San Francisco

Former President Donald Trump announced on Wednesday that he has taken a $1.2 billion loan against his Bank of America skyscraper in San Francisco

Yashar Ali, a contributor to New York Magazine, noted that the loan comes in the form of bonds - not a traditional bank loan

Yashar Ali, a contributor to New York Magazine, noted that the loan comes in the form of bonds - not a traditional bank loan

Yashar Ali, a contributor to New York Magazine, noted that the loan comes in the form of bonds – not a traditional bank loan

The Bank of America building, which is minority-owned by Donald Trump, is pictured in downtown San Francisco

The Bank of America building, which is minority-owned by Donald Trump, is pictured in downtown San Francisco

The Bank of America building, which is minority-owned by Donald Trump, is pictured in downtown San Francisco

Bloomberg revealed last month that investors had bought the $1.2 billion of bonds in a deal that was described as ‘in line with other recent office-tower deals.’

The bonds are being used to refinance a previous loan on the property which would give Trump and the Vornado Realty Trust a payout of $617 million, the outlet reported at the time.

Trump owns 30% of the San Francisco building which is majority owned by Vornado. The building, among the tallest in the city, is ‘the most valuable part of his portfolio’ and is worth about one-third of his $2.3 billion fortune, Bloomberg reported.

DailyMail.com has reached out to the Trump Organization for more information and additional comment.

The Vornado Realty Trust issued a press release on May 10 announcing that the refinancing of the the tree-building campus had been completed and that it has the ‘sole decision-making authority.’

‘The interest only loan bears a rate of LIBOR plus 1.93% in years one through five, LIBOR plus 2.18% in year six and LIBOR plus 2.43% in year seven,’ the release reads.

‘The loan matures in May 2028, as fully extended. Vornado swapped its share of the loan for the first three years to a fixed rate of 2.26%.’

The loan replaces the previous $533 million loan that bore interest at a fixed rate of 5.10% and was scheduled to mature in September 2021, according to the company.

Vornado said that its share of the net proceeds from the refinancing was about $454 million – meaning that the most the Trump could have seen was about $194 million, as noted by the Twitter account @southpaw.

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