Thomas Barrack played some key roles: he invested in Jared's failing property: 666 Fifth Avenue AND

[pnwmom]

Last edited Mon Oct 16, 2017, 08:17 PM - Edit history (5)

he persuaded Donald Trump to hire Paul Manafort as his campaign manager for free.

Years earlier, in 1994, Barrack, an old, trusted friend, also helped the Donald out himself with his own financial troubles.

Later, he also helped Trump purchase the property that became the Trump Hotel in Washington, D.C. (He provided help with the initial financing, and then stepped out and Deutsche bank took over.)

And most recently he headed the Inaugural Committee and raised more than $100 million. So when he whispered Manafort's name in DT's ear, DT had reason to listen.

Mueller must be looking very closely at Thomas Barrack.

https://www.6sqft.com/problems-at-666-fifth-avenue-tower-linked-to-jared-kushners-white-house-role/

To purchase the nearly $2 billion Fifth Avenue property, the Kushners had sold most of their real estate in New Jersey. After the Great Recession dropped the property’s value significantly, Kushner nearly lost the building in 2010. He was late on payments and was forced to restructure his debt. Kushner turned to two friends of his father-in-law for help, Thomas Barrack of Colony Capital and Steve Roth of Vornado Realty Trust.

Barrack’s real estate company in 2010 invested $45 million and took on part of the building’s debt, eventually making a profit. In 2011, Roth’s company bought 49.5 percent of the office portion of the Fifth Avenue property, allowing Kushner to restructure the debt and extend the $1.2 billion loan until 2019.

https://www.washingtonpost.com/politics/hes-better-than-this-says-thomas-barrack-trumps-loyal-whisperer/2017/10/10/067fc776-a215-11e7-8cfe-d5b912fabc99_story.html?utm_term=.c6194f6f96cf

Trump was struggling with financial problems in 1994 when Barrack was brought in to help. A banker with Chase Manhattan Bank called Barrack and told him that Trump’s portfolio, including a $100 million loan with Chase for a Manhattan development, was in trouble.

“Chase called us in Los Angeles and says to Tom, ‘You’re the only person who has ever been able to deal with Donald 100 percent, and deal with him reasonably,’ ” Rogers said. “ ‘Would you help us with this? Because if he doesn’t work with us, it is going to be really, really bad for him.’ ”

Barrack wanted to help his friend and thought he might invest in the deal. He went on a worldwide search for a backer and got a commitment from “several members” of the Saudi royal family.

Trump ultimately decided to go with investors from Hong Kong. Still, Barrack’s intervention had been crucial, persuading Chase not to foreclose and giving Trump time to line up financing.

SNIP

Barrack supported Trump’s campaign, and shortly after Trump lost the Iowa caucuses, he reconnected with his old friend Manafort, a longtime Republican consultant.

“I really need to get to” Trump, Manafort said, according to Barrack. He told Barrack he wanted to work as Trump’s convention manager, helping him navigate what they expected would be a contentious affair.

Barrack, who had long been friendly with Kushner, as well as Trump’s daughter Ivanka, said he wrote them an email urging Trump to hire Manafort.


https://www.bizjournals.com/washington/breaking_ground/2016/07/trump-family-now-on-its-own-with-old-post-office.html

In 2013, Colony was selected by the General Services Administration alongside Trump Hotels to develop a 263-room luxury hotel in the Old Post Office building located on Pennsylvania Avenue.

Under the initial deal, the Trump Organization would manage the construction of the $200 million project and Colony would provide financial backing.

Colony announced it had pulled out of the deal Monday, telling the Washington Post in a statement that “Colony exited the joint venture after the project’s timeline became too long for the firm. As the project evolved, cheaper sources of capital for longer term investment became available to Trump. Colony simply could not compete with more attractive financing.”

The Trump Organization says it is now self-financing the hotel with $42 million of its own money and a loan of $170 million from Deutsche Bank, according to the report.

[rockfordfile]

1. Thomas Barrack is just as crooked as Trump. The Russians like him a lot.

[Maven]

2. Interestingly, guess who is now bailing out The Weinstein Company from their financial troubles?

Why, it's none other than Colony Capital, Tom Barrack's investment vehicle.

http://deadline.com/2017/10/weinstein-co-gets-lifeline-from-colony-capital-1202189063/

The Weinstein Company may live to fight another day after all. After a tumultuous 10 days following revelations of sexual assault and harassment allegations against co-founder Harvey Weinstein, TWC announced this morning that Colony Capital is riding to its rescue.

...

Thomas J. Barrack, Jr., founder and executive chairman of Colony Capital, said in a statement, “We are pleased to invest in The Weinstein Company and to help it move forward. We believe the company has substantial value and growth potential, and we look forward to working with the company’s critical strategic distribution and production partners to help preserve and create value for all stakeholders, including its employees. We will help return the company to its rightful iconic position in the independent film and television industry.”

Colony has been involved with recent stages of Harvey and Bob Weinstein’s show business odyssey. It led a group of private investors that bought Miramax from Disney in 2010 and helped arrange the joint venture established between TWC and Miramax in 2013 that enables the companies to develop and produce content from the Miramax library.

Barrack is a major supporter of President Donald Trump, who helped raise funds for his 2016 campaign and spoke at the Republican National Convention in Cleveland. He has also made news in recent months for a tax-evasion investigation in Italy.