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NEW: This story touches on one of the biggest mysteries in @realDonaldTrump's finances -- which only gets more mysterious, the more i dig into it.
The mystery is called "Chicago Unit Acquisition, LLC" 1/
The mystery is called "Chicago Unit Acquisition, LLC" 1/
Nobody outside Trump Org. had heard of Chicago Unit Acquisition LLC until @realDonaldTrump submitted his financial disclosures as a candidate. They showed he owed more than $50M to an entity with that name. 2/
That's a big loan, even for a real-estate developer like @realDonaldTrump. So what is this entity that the president owes more than $50M? 3/
Well, it's not a bank. Public records in Delaware (where it's registered) don't list any other loans it's made.
It has a pretty thin paper trail, but govt. docs show the company's headquarters is 725 Fifth Avenue, NYC. 4/
It has a pretty thin paper trail, but govt. docs show the company's headquarters is 725 Fifth Avenue, NYC. 4/
...Which is Trump Tower. 5/
In fact, Chicago Unit Acquisition is owned by @realDonaldTrump and managed (now) by Eric Trump. Which means Donald Trump owes more than $50 Million to...himself.
Why?6/
Why?6/
As far as I know, @realDonaldTrump has only talked about this loan once, to the @nytimes in 2016. He said it was a loan on his Chicago tower, which he bought back from the lenders.
“I have the mortgage. That is all there is. Very simple. I am the bank.”7/ https://www.nytimes.com/2016/05/24/business/dealbook/donald-trump-relationship-bankers.html
“I have the mortgage. That is all there is. Very simple. I am the bank.”7/ https://www.nytimes.com/2016/05/24/business/dealbook/donald-trump-relationship-bankers.html
But which loan is he talking about? We checked both of the publicly listed loans on the Chicago tower – a $640M loan from Deutsche Bank, and a $130M “mezzanine loan” from other lenders. And...8/
...And neither one appears to have been sold, to @realDonaldTrump or anyone. Both, in fact, appear to have been paid off and cancelled in 2012. 9/
So...I know more about this debt than I used to. But I still don't understand it.
If *you* know something about this loan, or about why @RealDonaldtrump would see an advantage in owing himself $ (as opposed to just paying off the loan)...I'm at [email protected] END/
If *you* know something about this loan, or about why @RealDonaldtrump would see an advantage in owing himself $ (as opposed to just paying off the loan)...I'm at [email protected] END/
Here's the story that mentions Chicago Unit Acquisition today: https://www.washingtonpost.com/politics/after-selling-off-his-fathers-properties-trump-embraced-unorthodox-strategies-to-expand-his-empire/2018/10/08/2179a12e-c806-11e8-9b1c-a90f1daae309_story.html?noredirect=on&utm_term=.2be7f79226ff
