Trump needed a “mezzanine loan”, a loan which is far more expensive than a regular bank loan. In 2005, when Trump began financing the construction of the tallest residential tower on the North American continent the Trump International Hotel and Tower (Chicago), he needed more than just the basic loan he had received from Deutsche Bank. Trump, George Soros, Fortress Investment Group and Blackacre Capital, a deal discovered by following a specific on-going money trail and likely partnership between these entities. We have come across information related to a long and bizarre financial deal between Donald J. Why would Soros give what amounts to a massive debt relief to Trump during a financially successful period in Trump’s life? Are these men friends, enemies or business partners? No media outlet which covered the deal put together the pieces and told the public that George Soros let Trump off the hook for a loan which has been valued at between $82 and $312 million dollars. The $160 million investment was in the form of a mezzanine loan, a kind of second mortgage that typically charges a much higher interest rate than a first-mortgage construction loan.īy October 2008, Trump had sold nearly $600 million in condo and condo-hotel units, more than half of the total value of all the units in his tower.Īfter seven years (2005-2012) Trump was on his way to paying off his main construction loan to Deutsche Bank For reasons unexplained to the public, the majority of Trump’s mezzanine loan was quietly forgiven by the loan’s original lenders. The third investor was Blackacre Institutional Capital Management LLC, the real estate arm of hedge fund Cerberus Capital Management LP, which currently handles about $14 billion dollars in assets primary real estate. 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 in 2006. 19 with the Cook County recorder’s office. Fortress, which manages more than $10 billion in investments, is familiar with the downtown Chicago condominium market after providing a key $26 million loan on the River East mixed-use development project. The document does not identify the other participants, but a key member is Grove Capital LLP, according to sources familiar with the transaction. The investor trio was led by Fortress Investment Group LLC, according to a financing statement filed Oct. Soros was a key piece in what was the largest construction financing in the city’s history, according to real estate sources and public documents. To build the tower, Trump received several loans primarily from Deutsche Bank for $650 million, but he also lined up a $160 million mezzanine loan * from a group of private investors, Fortress Investment Group, Blackacre Capital, and support from billionaire George Soros, who invested $160 million to help build the Chicago skyscraper. Guests praise the restaurant for its American cuisine and unbeatable views of the iconic Chicago skyline. Should you need a break from the hustle and bustle of the city, plan on spending some time at The Spa at Trump, which offers 11 treatment rooms and a wide array of services, as well as a fitness center and a 75-foot heated indoor pool with impressive views of Lake Michigan and the Chicago River.Īside from the hotel's enviable location, reviewers were also pleased with the attentive staff.In 2005 Donald Trump started construction on the Trump International Hotel and Tower in Chicago. Though past lodgers raved about the views, some said the rooms are in need of a refurbishment. Cap off a Windy City day at Terrace 16, the hotel's on-site restaurant and bar located on the 16th floor.
Chicago trump tower full#
Recent guests recommend booking a room with a river view to take full advantage of the hotel's enviable location.
Accommodations also include floor-to-ceiling windows, fully equipped kitchens and bathrooms with limestone finishes and in-mirror TVs. From many of the rooms, you'll enjoy a picturesque view of the Wrigley Building and Tribune Tower, all brightly reflected in Lake Michigan.
The Trump International Hotel & Tower Chicago is conveniently positioned on North Wabash Avenue in the River North neighborhood of Chicago, offering easy access to both the business-centric Loop and the city's top attractions, including Navy Pier.
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