Trump SoHo Inks $20M in Additional Financing

Trump SoHo Inks $20M in Additional Financing NEW YORK, NY - The sponsors of Trump SoHo™ New York, the luxury hotel condominium in downtown Manhattan, announced that they have obtained an increase of $20 million in financing through a restructuring of their current mortgage loan with iStar Financial. Additionally, CalCon Mutual Mortgage is accepting applications from qualified existing buyers on the sponsor's behalf. Trump SoHo is a joint venture among The Sapir Organization, Bayrock Group, L.L.C., and an affiliate of the Trump Organization.

According to the sponsors, the increase in their loan amount demonstrates the ongoing confidence and support of their lender iStar Financial, and the owner sponsored mortgage financing provides a new option to those who wish to purchase a room or suite at the luxury hotel.

Rodrigo Nino, president of Prodigy International, the exclusive sales and marketing company for the luxury project stated, "Since June we have closed contracts on over 20 units, some with financing, for gross sales totaling more than $30 million at an average price of $2,500 per square foot. We are continuing to see new buyer interest for this unique property."

Trump SoHo, the first luxury hotel condominium in downtown, neighbors the numerous art galleries and boutiques of fashionable SoHo. It has captured the attention of international travelers and sophisticated New Yorkers alike who appreciate its downtown location and distinct architecture. Establishing a new paradigm of design, Trump SoHo brings together the master works of Handel Architects, for the 46-story shimmering glass tower, and Rockwell Group, for the creation of the interior spaces. The spacious guestrooms and suites feature floor-to-ceiling windows providing unrivaled views of the city's spectacular skyline and the Hudson River.

Trump SoHo has 391 hotel condominiums available for purchase with prices beginning at $1.2 million. With just 12 rooms per floor, it has an intimate ambiance of sophistication and indulgence. When not in use by owners, the suites are placed into an available rental management program providing a convenient ownership model that is particularly popular with international buyers.

Trump SoHo is a joint venture among The Sapir Organization, Bayrock Group, L.L.C., and an affiliate of the Trump Organization. Trump SoHo is located at 246 Spring Street, New York, NY, 10013.
Source: Trump SoHo New York

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