Where did Trump get $ 617 million from?
Former President Donald Trump.
Photo: Drew Angerer / Getty Images
The ex-president Donald trump announced Wednesday that it took out a $ 1.2 billion loan on one of its properties: a Bank of America skyscraper in San Francisco.
According to a Bloomberg News report, investors had purchased the $ 1.2 billion of bonds, which were used to refinance a previous loan on the property.
This gave the former president and the Vornado Realty Trust a payment of $ 617 million dollars indicates the report, reported the outlet at the time.
The refinancing comes just months after other banks severed ties with the former president, following the Capitol riots on January 6.
The former president confirmed the information with a message on his personal messaging network.
“A $ 1.2 billion loan was closed on the asset known as the Bank of America Building (555 California Street) in San Francisco, CA. The interest rate is approximately 2%. Thanks!”said the president.
The Republican did not reveal who the lender is, in one of his assiduous measures regarding the concealment of his finances.
Bloomberg News reports that Trump owns 30 percent of the San Francisco building, which is majority owned by Vornado.
According to the portal specialized in economics and politics, the building is worth approximately a third of the former president’s $ 2.3 billion fortune.
The Trump Organization has not released details, but the Vornado Realty Trust indicated on May 10 that the refinancing of the three-building campus had been completed.
According to other reports, the loan replaces a previous one of $ 533 million that accrued interest at a fixed rate of 5.10%, according to the company.
Before Trump became president, he had tried to sell his stake in the Vornado properties, but to no avail. That company then tried to buy the shares when the former president had problems with his creditors.
The former president reaches this agreement in the midst of criminal investigations against their companies, after the Manhattan and New York state prosecutors joined forces.
Trump has lost at least $ 200 million of his fortune in the last five years.
“Trump’s net worth dropped to $ 2.3 billion”, indicates a report by Bloomberg News, which establishes that the former president’s fortune was $ 3 billion when he arrived at the White House.
However, a later Forbes report notes that the fortune of the former official shows signs of recovery in the last year, since it went from $ 2,100 million to $ 2,400 million.