Trump family now on its own with Old Post Office project

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

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The Trump International Hotel in Washington, D.C., remains on track to open Sept. 12, but behind the scenes it has had to reconfigure its initial financing plan.

Colony Capital, a private-equity firm based out of Los Angeles and run by Thomas Barrack, has stepped out of a partnership with Trump Hotels to finance the redevelopment of the Old Post Office, according to the Washington Post.

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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.

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Also: https://www.buzzfeed.com/aramroston/how-donald-trump-won-control-of-a-prized-dc-landmark?utm_term=.hmDvJ5nQbd#.genqmpjWVv