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Home›Interior Design Loans›Trump prison investigation examines $ 280 million in Manhattan CRE loans

Trump prison investigation examines $ 280 million in Manhattan CRE loans

By Macie Vincent
February 15, 2021
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The Manhattan District Legal professional’s Workplace is investigating $ 280 million in loans related to 4 Manhattan properties owned by former President Donald Trump, the Wall Road Journal reviews. All loans had been made by Ladder Capital Corp., a New York-based actual property funding belief.

Trump Tower in New York

The buildings in query are Trump Tower, the corporate’s flagship on Fifth Avenue, in addition to 40 Wall St., Trump Worldwide Lodge and Tower and Trump Plaza, in response to the WSJ, citing nameless sources.

The precise focus of the prosecutor’s workplace on these properties isn’t but clear, however it may contain alleged fraudulent claims relating to the valuation of the properties.

In 2019, Professional Publica reported that for Trump Worldwide Lodge and Tower and 40 Wall St., the Trump Group claimed decrease revenues and better prices on its tax returns than on paperwork supplied to lenders.

The Trump group has long-standing ties to Ladder Capital. Allen Weisselberg, chief monetary officer of the Trump group, is the daddy of Jack Weisselberg, government director of Ladder Capital. The youngest Weisselberg takes care of the mortgage initiations for the REIT.

4 days earlier than the Journal revealed its report, Ladder Capital introduced that its longtime CFO, Marc Fox, would step down later this yr.

The investigation into the 4 properties comes along with the broader Manhattan DA investigation into allegations of insurance coverage, tax and banking fraud by the Trump group earlier than and whereas Trump was president. Manhattan District Legal professional Cyrus Vance Jr. is main this effort.

Vance’s workplace is analyzing whether or not the previous president inflated the worth of his properties for the aim of receiving loans whereas underestimating them for the aim of paying taxes. Former legal professional for the president, Michael Cohen, accused him of doing so recurrently throughout his testimony to Congress in 2019.

Trump referred to as Vance’s efforts a “witch hunt” and decried a proposal by the DA to get the entire former president’s tax returns as a “fishing expedition.” The Trump group didn’t reply to a request for touch upon the matter by Bisnow.



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