Donald Trump, Facing $590 Million in Debt Payments, Gets $617 Million From Property Deal
https://www.newsweek.com/donald-trump-facing-590-million-debt-payments-gets-617-million-property-deal-1588040Former President Donald Trump, who reportedly has $590 million in debts due over the next four years, is set to receive a $617 million cash payout as part of a bond deal made by Vornado Realty Trust, his longtime majority-stake partners.
Trump apparently scored the massive $600-million plus in cash after investors bought up $1.2 billion of bonds tied to the refinancing of a San Francisco office tower, 555 California. Trump has a 30 percent minority stake in the building, which makes up a massive portion, as much as $800 million, of his entire net worth. Because Vornado holds the majority stake, Trump doesn't have any control over the two properties he owns with them, the second being 1290 Avenue of the Americans in New York City. The windfall he "stumbled into" comes at a great time for Trump, analysts said, because numerous banks and businesses cut ties with him in the wake of the January 6 U.S. Capitol riot.
The $617 million cash infusion from the Vornado refinancing in San Francisco is likely to precede another large payout for Trump's 1290 Avenue of the Americans office tower. Steve Roth, Vornado's chief executive officer, told investors this past week, that building is "on deck" for refinancing, Bloomberg News reported.
Trump has a lengthy financial record which includes numerous corporate bankruptcies, suing lenders and provoking nearly every bank except for Deutsche to run the other way. But with $617 million of cash and another lucrative refinancing deal about to fall in his lap, analysts said he may have already dug his way out of more than a half-billion of debt his Trump Organization has sat on since entering the White House.
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