$100 Million Trump Tower Loan Placed On Bank 'Watch List' Over Vacancies
HuffPost
Occupancy drops in Trump's flagship Fifth Avenue building in Manhattan.
A $100 million loan to Donald Trump’s flagship Trump Tower in Manhattan has been placed on a “watch list” by Wells Fargo Bank because of troubling “lower than average occupancy” in the building.
Occupancy has dropped from 85.9% at the end of last year to 78.9% currently, according to Wells Fargo, the “master servicer” of the loan, Bloomberg reported Friday.
Property revenue was $33.7 million in 2020 and $7.5 million in the first quarter of this year, according to the loan documents, Bloomberg noted.
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