People in the News

Falcone’s $22.5M mortgage

February 01, 2011   Lawrence Delevingne

Harbinger Capital Partners founder Phil Falcone apparently needed some cash—$22.5 million to be exact. Falcone took out a 30-year adjustable rate mortgage—beginning at 2.375%—on his family’s Manhattan mansion in May at a time when investors expressed concern about their funds being tied up in illiquid investments and preferential treatment given to some clients, including an SEC-investigated $113 million loan from the hedge fund to Falcone himself.

Falcone and his wife, Lisa, bought the Upper East Side townhouse in 2008 for a reported $49 million in cash, one of the most costly residen-tial purchases in New York City history.

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