Developers of the Trump SoHo
hotel-condo building “substantially paid down” the debt owed on the project to iStar Financial after receiving a new loan from CIM Group.
Trump Soho is a joint venture between the Trump Organization
and the project’s developers, Bayrock Group and the Sapir Organization.
Donald and Ivanka Trump
both declined to discuss financial terms of the deal.
In September, iStar offered $20 million more in financing to the Trump SoHo in a mortgage restructuring. It had already lent more than $250 million to the project, the Wall Street Journal
IStar, the New York-based commercial real-estate lender, had about $2.8 billion of non-performing loans as of Sept. 30. It may refinance loans with a new $1 billion to $2 billion credit line as an alternative to bankruptcy, according to people with direct knowledge of the matter.