A filing on the building’s commercial mortgage-backed security stated that contact had been made with the borrower and that a letter detailing pre-negotiation terms was being reviewed.
Payments for the debt on the tower were reportedly paid for this month. The loan documents showed that the mortgage on 40 Wall St. had an outstanding balance worth $122.6 million which was down from the original price of $160 million.
“The loan is in full conformance,” said a spokesperson from the Trump organization in an email.
“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,” it said further.
The loan documents said that the mortgage had a 3.67% coupon and will mature in July 2025. As of June 30, the tower’s occupancy rate was 77%. This was a significant drop from the 98% it had when the loan originated in 2015.
Source: mpamag.com