EXHIBIT 23.5
 
              CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
 
We hereby consent to the incorporation by reference in this Registration
Statement on Form S-1 of Capital Trust of our report dated March 4, 1997,
relating to consolidated financial statements of Phoenix Four, Inc. and
Subsidiaries. We also consent to the incorporation by reference in this
Registration Statement on Form S-1 of Capital Trust of the references to us
under the caption "Experts" appearing in the prospectus forming a part of the
registration statement on Form S-1 (File No. 333-37271) of Capital Trust.
 
                                                     /s/ BDO Binder
                                          -------------------------------------
                                                       BDO BINDER
 
Nassau, Bahamas
December 10, 1997