Oct. 28, 2004, “Big names back Trump tower,“ Chicago Tribune, Thomas A. Corfman
“Soros, Deutsche Bank said to be in on 90-story building.”
“Donald Trump has lined up three New York hedge funds, including money from billionaire George Soros, to invest $160 million in his Chicago skyscraper, a key piece in perhaps the largest construction financing in the city’s history, according to real estate sources and public documents. Despite reports about the project’s record-breaking sales, most of them from Trump himself, many Chicago real estate developers and lenders have expressed doubts about whether the 90-story tower would ever be built.
“It is such a huge project, and the prices he said he was getting were so outside the norm,” said Robert Glickman, president and chief executive of Chicago-based Corus Bank.
“It was reasonable to say, `Is this real?'” he said.
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Much of the skepticism springs from Trump’s own hype.
“Chicago developers are much less flamboyant," said Glickman.
The massive financing, which sources say also will include a $650 million construction loan from Deutsche Bank, should quell those doubts.
“Chicago developers are much less flamboyant," said Glickman.
The massive financing, which sources say also will include a $650 million construction loan from Deutsche Bank, should quell those doubts.
Trump flies to Chicago Thursday morning for a ceremonial demolition of the former home of the Chicago Sun-Times, 401 N. Wabash Ave., which will be replaced by his 2.5 million-square-foot tower. The demolition is expected to begin for real in January.
On Wednesday Trump declined to comment on the financing, emphasizing instead the luxury project’s record-breaking sales.
The chief executive of New York-based Trump Organization said he has agreements to sell three-fourths of the 461 condominiums and 227 hotel-condo units for a combined $515 million.
“Nobody to my knowledge anywhere in the United States has ever sold more than $500 million worth of apartments prior to construction,” he said....
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The investor trio is led by Fortress Investment Group LLC, according to a financing statement filed Oct. 19 with the Cook County recorder’s office.
Fortress, which manages more than $10 billion in investments, is familiar with the downtown Chicago condominium market after providing a key $26 million loan on the River East mixed-use development last year.
The document does not identify the other participants, but a key member is Grove Capital LLP, according to sources familiar with the transaction.
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Fortress, which manages more than $10 billion in investments, is familiar with the downtown Chicago condominium market after providing a key $26 million loan on the River East mixed-use development last year.
The document does not identify the other participants, but a key member is Grove Capital LLP, according to sources familiar with the transaction.
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The firm manages most of the multibillion-dollar real estate portfolio of the $13 billion Soros Fund Management, from which Grove Capital was spun off last month [Sept. 2004].
The third investor is Blackacre Institutional Capital Management LLC, the real estate arm of hedge fund Cerberus Capital Management LP, which manages assets totaling $14 billion….
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The third investor is Blackacre Institutional Capital Management LLC, the real estate arm of hedge fund Cerberus Capital Management LP, which manages assets totaling $14 billion….
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The $160 million investment is in the form of a mezzanine loan, a kind of second mortgage that typically charges a much higher interest rate than a first-mortgage construction loan.
Unlike the mezzanine loan, which has closed, terms of the $650 million construction loan have not yet been finalized, sources said.
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Unlike the mezzanine loan, which has closed, terms of the $650 million construction loan have not yet been finalized, sources said.
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Frankfurt, Germany-based Deutsche Bank, an active commercial real estate lender in the U.S., is expected to split up the loan with other banks….
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After 13 months of marketing, condo prices at Trump International Hotel and Tower Chicago
have exceeded $900 a square foot, while hotel-condo units cost nearly
$1,100 a square foot, according to an analysis of 53 units by Appraisal
Research Counselors, a residential consulting firm.
Trump’s marketing firm recently put those units, including six hotel-condo units, on the Multiple Listing Service of Northern Illinois.
Almost two weeks ago Trump completed a buyout of his former joint venture partner in the project, Hollinger International Inc., the troubled parent of the Sun-Times….
“It’s a very expensive building to build because of the quality we are putting into it,” he said. “So people of course would say, `Gee, that’s a lot of money to raise.’
“But for me, it’s not a lot of money. You understand,” he said.” image of Trump Chicago Hotel from yelp
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Trump’s marketing firm recently put those units, including six hotel-condo units, on the Multiple Listing Service of Northern Illinois.
Almost two weeks ago Trump completed a buyout of his former joint venture partner in the project, Hollinger International Inc., the troubled parent of the Sun-Times….
“It’s a very expensive building to build because of the quality we are putting into it,” he said. “So people of course would say, `Gee, that’s a lot of money to raise.’
“But for me, it’s not a lot of money. You understand,” he said.” image of Trump Chicago Hotel from yelp
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Added: ‘Make America Great Again’ movement created by Candidate Trump doesn’t include Pres. Trump. MAGA advocates are on their own. Soros crony, Steve Mnuchin, is Trump’s Treasury Secretary. He was Candidate Trump’s national finance chairman:
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“Indeed, the President did business with Soros, who leant the real estate mogul capital for the construction of his tower in Chicago. When Trump became active in the Tea Party movement, he openly defended Soros from criticism. Upon assuming the Presidency, he brought on Steve Mnuchin, who worked for Soros-backed SFM Capital Management and Soros Fund Management LLC, as Secretary of the Treasury….[Prior to that Mnuchin was Candidate Trump’s national finance chairman].
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Trump has done nothing to go after individuals undermining his administration, though in some cases he has publicly espoused a supposed desire to take strong action….
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All of these factors, combined with his constant desire to be well liked by even his enemies are beginning to create the very real risk of undermining goals of the movement that elected him….
Attacks or threats of attacks on members of Trump’s movement have occurred as recently as September 11th, 2018 without comment from the President. Social media giants such as Facebook and Google directly allow foreign interests such as China to take a leading role in censoring communications of any right wingers, populists or anti-war proponents. This collaboration has dire implications for US security. Trump has yet to take action against groups targeting his base outside of strong words or probes that have not yielded real solutions to these problems.
Discriminatory focus on particular topics isn’t an anomaly for Trump. He also criticizes certain criminal, terrorist or extremist groups such as ISIS or MS-13, yet never mentions others like Antifa or Mexican cartels, giving these groups more space to operate due to decreased scrutiny. A walking contradiction, Trump will intervene in a foreign country over his concern for injured children yet not take similar forceful action against rampant crime and trafficking in Sanctuary Cities such as Chicago.
The tendency to ignore the pain of his people to spotlight the economy makes for a hollow victory. Trump himself frequently mentions that his economic recovery is fragile and could be immediately reversed by his predecessor….
The various factions who make up the bureaucratic class play the long con and will continue to exist after his administration has run its course….
None of this is put forward to suggest that Trump doesn’t care about the United States, or doesn’t love his country. But it does show that for all the appeal to his supporters, Trump is a flawed individual. His Presidency was heralded as a new era of reform.
A more realistic outlook began to set in when Trump made the hypocritical decision to bomb Syria in the first few months of his Presidency despite decrying such a move previously.
Trump is the dam holding back the floodwaters of total chaos that are bubbling over in the United States. When he is gone, no one with any meaningful power will lift a finger to stop the establishment’s inevitable purge of conservative, nationalistic and patriotic Americans. The great gulf that has begun to divide the country will soon be beyond repair. This administration is likely the United States’ last chance to fix its systemic issues before real calamity sets in.
Many don’t wish to acknowledge this. They don’t want to accept the very real danger represented by corrupt and incompetent establishment figures still active in the administration, and their stagnation in the face of a resurgent far Left. There is more interest in maintaining the excitement of a nonstop pep rally than acting to secure the country.
Trump’s personality and desire to be liked by demographics who will never accept him are preventing his supporters from realizing their potential and achieving anything that will have a lasting effect.
For a true return to an American golden age, the ‘Make America Great Again’ movement must learn to accomplish their goals in spite of their beloved leader and his flaws.”
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Added: Tragically for all Americans, Donald Trump has a soft spot for open borders mass murderer George Soros, won’t allow criticism of him: Trump encouraged conservatives to lay off criticizing Soros: ““Oh, forget Soros, leave him alone, he’s got enough problems,” Trump said at a 2011 Tea Party rally.”
8/16/2016, “Donald Trump took Liberal Icon George Soros’ Money,” Daily Beast, Betsy Woodruff
“Over the years, the two billionaires have had tabloid-friendly professional dealings, teaming up to build one of North America’s most recognizable skyscrapers—and shared billing on a lawsuit over the sale of the most expensive building in New York City.
The two billionaires even palled around one Christmas Eve.
None of this means Donald Trump is a covert George Soros puppet. But it’s already given some conservatives pause.
The
pair’s relationship goes back more than a decade. In 2004, Soros lent
Trump a cool $160 million to help with the construction of Trump
International Hotel and Tower in Chicago, the Chicago Tribune reported. At the time, some Chicagoans were skeptical that Trump would ever get his tower built. The project, after all, was yuuuge….
“It’s a very expensive building to build because of the quality we are putting into it,” the Tribune reported him saying. “So people of course would say, ‘Gee, that’s a lot of money to raise.’”
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“It’s a very expensive building to build because of the quality we are putting into it,” the Tribune reported him saying. “So people of course would say, ‘Gee, that’s a lot of money to raise.’”
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It’s not a lot of money to raise when Soros has your back. According to Gizmodo, the tower is the Western Hemisphere’s second-tallest residence….
In the years since then, Trump has shown little interest in bashing his old lender. A search of tweets from the mogul mentioning Soros turns up zero results. And Trump even once encouraged conservatives to lay off the billionaire.
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Glenn Beck highlighted the exchange on his radio show and criticized Trump for his glibness.
Trump even nabbed a Team Soros alum for his finance team. His national finance chairman, Steven Mnuchin [now Trump’s Treasury Sec.], has worked for the Soros-backed SFM Capital Management and for Soros Fund Management LLC, as the Center for Public Integrity noted in a report.
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Soros, on the other hand, has not been as gracious. In January of this year [2016], he said Trump was “doing the work of ISIS.””…
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