Posted on 01/18/2016 10:17:20 AM PST by justlittleoleme
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.
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.
-snip-
The document does not identify the other participants, but a key member is Grove Capital LLP, according to sources familiar with the transaction.
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.
(Excerpt) Read more at articles.chicagotribune.com ...
funny that people condemn Cruz for essentially borrowing his own money when his opponent, Trump, was perfectly comfortable working with banks for decades and for letting them bail him out of multiple messes:
http://www.cnbc.com/2015/12/28/trumps-attacks-raise-eyebrows-on-wall-street.html
I don’t have any issue with Trump for using bankers (and in the case of the Taj Majal using junk bonds to finance the deal at 14% which led to bankruptcy), nor do I have any issue with him using bankruptcy to protect himself. I do have an issue with his supporters calling the “kettle black” by not acknowledging that their guy, Trump, has a long, long history with bankers and banks that goes far beyond any that Cruz has.
But he didn’t take out a personal loan backed by his personal assets from Goldman Sachs and that’s all that matters./s
Trump’s “businesses” rely on favorable policies which were conveniently supplied through political bribes and kickbacks.
Cronyism is part of the problem and one of its main contributors is only going to expand on it. A paler version of Barak Hussain Obama with a bad toupee.
(Hint: Real estate developers employ more illegals than anyone. Hey, have you ever been to a Home Depot?)
What could possibly go wrong?
*************************************
Yep, CAVEAT EMPTOR. We’re buying “as is” and what’s underneath the new shiny paint job may be very foul, indeed.
But, it’s a GREAT DEAL!!....for Trump (suckers!)
Very good point.
Few knew how the RAT political machine worked until Malkin/Beck outed them.
I was aware of Soros long before that! Im certain that anyone doing business with him would have been as well.
Trump is beholden to no one! If he borrows money and can’t pay he just defaults.
Focus on something you want me to respond to.
I thought Trump and Cruz were a great combination but now they’re tearing each other apart and splitting us into factions.
Just another way the GOP snatches defeat from easy wins.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.