Trump Touts Debt Deal on Office Tower He Owns With Vornado

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Former President Donald Trump said that a building he co-owns with Vornado Realty Trust in San Francisco has secured new debt.

“A loan of $1.2 billion has closed on the asset known as the Bank of America Building (555 California Street) in San Francisco,” Trump said in a statement on Wednesday night. “The interest rate is approximately 2%. Thank you!”

Bloomberg News reported last month that investors had snapped up commercial mortgage bonds related to the property. Proceeds were being used to refinance the skyscraper and to give Vornado and Trump a $617 million payout.

The complex, among the tallest buildings in San Francisco, is one of two office towers Trump co-owns with Vornado. The other is in New York. While Vornado majority owns them, Trump’s 30% stake is the most valuable part of his portfolio, making up more than a quarter of his $2.5 billion fortune, according to the Bloomberg Billionaires Index.

The refinancing -- and cash windfall for Vornado and Trump -- comes months after several banks tied to the former president said they would no longer work with him after the deadly riot at the U.S. Capitol on Jan. 6.

©2021 Bloomberg L.P.

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