The mortgage on former President Donald Trump’s Manhattan tower at 40 Wall St. has been transferred to a special servicer.
The Financial District building has been on watchlist status since February as costs and vacancies increased.
“Contact has been made with the borrower and a pre-negotiation letter is being reviewed,” according to a filing Friday on the building’s commercial mortgage-backed security.
Payments for the debt on the 72-story tower have been made through this month. The mortgage on 40 Wall St. has an outstanding balance of $122.6 million, down from an original $160 million, according to loan documents.
“The loan is in full conformance,” a Trump Organization spokesperson said in an email Friday. “We have never missed a payment, we have never paid late and we have never breached a loan covenant. We are incredibly proud of 40 Wall St. and we will continue to operate this world-class building.”
Also Friday, the owner of the Trump International Hotel Waikiki in Hawaii said it will rename the property, buying out a licensing agreement with the former president’s company and joining a brand in Hilton Worldwide Holdings Inc.’s system.
(Bloomberg) -- The mortgage on former President Donald Trump’s Manhattan tower at 40 Wall St. has been transferred to a special servicer.Most Read from BloombergAn Opioid-Like Drink Is Masquerading As a Wholesome Alcohol AlternativeTrump’s 40 Wall St. Loan Transferred to Special ServicerUS...
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