Donald Trump’s Great Escape: How The Former President Solved His Debt Crisis

that they were cutting ties in the wake of January 6, 2021. Meanwhile, the Manhattan district attorney was getting close to charging the Trump Organization with a series of financial crimes, including falsifying business records, conspiracy and fraud.

How did he manage to pull all this off? First, he got some help from Steven Roth, his near-billionaire business partner, who has a sterling repu­tation in the real estate world. Then Trump cut a miraculous deal with a murky investment firm called CGI Merchant Group. Finally, he found a Kushner family–connected lender to replace Deutsche Bank, which for years had financed his projects and overlooked his shortcomings.

Around the same time, Trump was looking to unload his hotel in Washington, D.C. The financials underpinning the property, which Ivanka Trump initially pitched to her father, had never made much sense. In exchange for the right to lease a government-owned building for 60 years, the Trump Organization agreed to spend $200 million on renovations, then pay $3 million in annual rent going forward.

Who would be willing to overpay for the former president’s property? The buyer turned out to be CGI Merchant Group, a small Miami firm with limited experience in the hospitality business, whose investorsinclude Rodriguez and Mayweather. Hilton, which CGI brought on to manage the hotel under its Waldorf Astoria brand, also put some money in. But the full roster of CGI’s investors remains secret.

Trump needed new lenders. Enter Axos. A small institution, Axos has $16 billion in assets, making it an afterthought on Wall Street, where lenders like JPMorgan Chase oversee trillions. Foun­ded in 2000, Axos in its early days largely focused on residential loans. The San Diego–based bank slowly expanded other lines of business, accumulating $61 million of commercial real estate loans by 2015. Then things took off. By March of this year, Axos had $4.

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