Donald Trump sues lenders of unfinished skyscraper project

November 9, 2008 by · Leave a Comment
Filed under: Real Estate News 

Well ‘The Donald’ has a talent to get lenders to see things ‘his’ way.  I believe he will get his extension because we still have many wealthy people in this country and they like to live in his form of luxury.  The release talks about getting a extension on a $640 million dollar commercial construction loan.  If I was a lender I would rather have this marketing genius working on selling these units then to risk foreclosing on the project and then trying to sell them in this technically weak real estate market.

News:

Donald Trump sued the lenders of an unfinished Chicago skyscraper as he seeks an extension of the credit facility, amid the impact of the financial crisis in the real estate business, the Wall Street Journal said on its Website on Friday.

 

 According to the paper, Trump had been trying to extend a $640 million construction credit from a group of lenders led by Deutsche Bank AG , and including a unit of Merrill Lynch & Co., Union Labor Life Insurance Co, real-estate investment trust iStar Financial Inc SFI.N, and a division of Highland Capital Management LP.

 

Calls to all the parties involved were not immediately returned.

Source: Reuters

 

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