Thursday, 20 May 2021 (YJC) _ Trump announces he has taken a $1.2B 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 - 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.
Bloomberg reported 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 were used to refinance a previous loan on the property. It gives Trump and the Vornado Realty Trust a payout of $617 million, the outlet reported at the time.
The refinancing and payout came after multiple banks, previously used by Trump, severed ties with him in the wake of the Capitol riot.
Trump owns 30 per cent 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.
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