Related Cos. Lands Loan for Unsold Condos at 15 Hudson Yards

Ruben Onsu

Related’s Stephen Ross and Jeff Blau (left) with 15 Hudson Yards (Getty, Hudson Yards)

After a rough year for luxury condo sales in Manhattan, Related Companies and Oxford Properties Group sewed up a loan for unsold condos at 15 Hudson Yards earlier this week, records show.

The $107.5 million in financing, from Wells Fargo, is secured by 102 units at the luxury tower — 99 residential, two commercial and one storage. The agreement was first reported by PincusCo.

The 285-unit condo previously received an $850 million construction loan from the New York State Housing Finance Agency and London hedge fund,

read more

South Africa’s Standard Bank Group Raises Alarm on Loan-To-Grant Proposal

Ruben Onsu

Standard Bank Group Ltd. has raised the alarm around proposals to revive a faltering government-backed credit program designed to aid South African businesses battered by Covid-19.

While South Africa’s largest lender is open to talks on how to restructure the 200 billion-rand ($13.6 billion) program to drive up demand, it rejects suggestions to swap into grants the loans that have been provided, Chief Executive Officer Sim Tshabalala said in the bank’s annual report.

“Apart from the unfair burden that a conversion to grants would place on our depositors and investors, and on taxpayers, we think that converting loans into grants

read more

Groundwork being laid for Biden to cancel $50,000 in student loan debt

Ruben Onsu

Groundwork being laid for Biden to cancel $50,000 in student loan debt

The third stimulus checks are being paid out, it’s not clear if there will ever be a fourth, and President Joe Biden is turning his attention to spending money on roads, bridges and other infrastructure, and raising some taxes.

But what’s happening with student loan forgiveness? It has been the subject of a lot of talk in Washington — so if you’re swamped with college debt, will the government wipe some of that away soon?

Biden has stated publicly that he’s willing to cancel $10,000 in federal

read more

What Biden is considering for student debt

Ruben Onsu

WASHINGTON – The Biden administration entered the White House with an eye toward relieving the strain of student loan debt, particularly amid the added financial burden of the coronavirus pandemic.

On Day One in office, President Joe Biden signed an executive order extending a pause student federal loan payments enacted by the previous administration as part of COVID-19 relief. Liberal activists and lawmakers urged the president to go further and cancel student loan debt, but he has said firmly that he does not believe he has the authority to do so by executive order.

President Joe Biden signs the American

read more

Soffer’s Fontainebleau Gets Loan for Jupiter Condo

Ruben Onsu

Jeffrey Soffer and a rendering of SeaGlass Jupiter Island (Getty)

Jeffrey Soffer’s Fontainebleau Development secured a $50 million loan for a planned oceanfront condo development in Jupiter Island.

Bank OZK provided the loan to Turnberry Beach Road LLC for the site at 1500 Beach Road in Tequesta, property records show.

The boutique condo project, SeaGlass Jupiter Island, is being developed by Fontainebleau Development and Perko Development Partners. The planned 10-story, 21-unit project launched sales in May.

The property, which has 170 linear feet of Atlantic Ocean beach and Intracoastal frontage, was formerly home to the The Blowing Rock Club

read more

Ray LaHood admitted hiding $50K loan from foreign billionaire

Ruben Onsu

The agreement with the former Transportation secretary says he was “suffering significant financial difficulties” at the time he took the loan and that he used the money for home repairs.

The legal scrutiny for LaHood, a former Republican member of Congress from Illinois who served in President Barack Obama’s Cabinet from 2009 to 2013, appears to have emerged from a Justice Department investigation into the Lebanese-Nigerian billionaire who was the ultimate source of the loan, Gilbert Chagoury.

The Justice Department also announced Wednesday that Chagoury reached a similar resolution in 2019 to an investigation into his involvement in foreign donations

read more