NEW YORK CITY-Bayrock/Sapir Organization LLC, the partnershipdeveloping the Trump SoHo hotel condominium project, hasrecapitalized its debt on the property. The CIM Group has providednew debt financing on the 46-story tower at 246 Spring St,extending all indebtedness on the project; terms were notdisclosed.
The Wall Street Journal reported that CIM agreed to paydown about $85 million, representing about one-third of the seniorloan held by locally based iStar Financial Inc. Through aspokeswoman, Bayrock/Sapir declined to comment on the WSJreport.
In a release, iStar EVP Barclay Jones counts his company“pleased to have successfully recapitalized this unique asset. Webelieve the Trump SoHo development team will ensure the long-termsuccess of this irreplaceable asset.”
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
