(Bloomberg) -- A $100 million loan on Donald Trump’s Fifth Avenue tower was moved to a watch list Monday because of “lower average occupancy,” according to information compiled by Wells Fargo & Co.

The debt, sponsored by the former president himself, is secured by the 244,482 square feet (22,700 square meters) of office, residential and retail space in Trump Tower. Occupancy has dipped to 78.9% from 85.9% at the end of 2020, according to Wells Fargo. 

Marc Fisher, whose showroom occupied the 21st floor of Trump Tower, “vacated prior to lease end,” the note said, adding that the Trump Organization is trying to find a replacement. In March, the Trump Organization sued the footwear maker for more than $1 million in unpaid back rent, a claim that was later discontinued, according to court records.

The Trump Organization is far from alone in facing real-estate challenges. The pandemic has battered New York’s office market, sending the vacancy rate soaring and weighing on asking rents. With workers home for months, companies have embraced remote work and hybrid schedules, with some looking to shed space.

The $100 million loan is part of the more than $590 million of debt held by the Trump Organization that comes due within the next four years. More than half of that is personally guaranteed by Trump.

Eric Trump, executive vice president of the Trump Organization, didn’t immediately respond to a request for comment.

 

 

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