EXHIBIT 23.6
 
                      CONSENT OF INDEPENDENT ACCOUNTANTS
 
As independent public accountants, we hereby consent to the incorporation by
reference in this Registration Statement on Form S-1 of Capital Trust of our
report and to all references to our Firm included in or made a part of the
registration statement on Form S-1 (File No. 333-37271) of Capital Trust.
 
                                                 /s/ Arthur Andersen LLP
                                          -------------------------------------
                                                   ARTHUR ANDERSEN LLP
 
Chicago, Illinois
December 10, 1997