ESTATE


Trump avoids foreclosure
2009/03/04, 8:16 pm
Filed under: 1 | Tags: , ,

Developer Donald Trump and Deutsche Bank AG, which lent the money for the troubled Trump International Hotel & Tower project in Chicago, have called a 90-day truce.

Deutsche Bank has agreed to be patient even though sales are far short of what it would take to pay back the $640 million first mortgage. That gives Trump time to finish construction without fear of foreclosure.

Trump is also using the time to push for closings with buyers who signed contracts several years ago.

“I see this as very positive development,” Trump said in a statement.

Source: The Wall Street Journal, Alex Frangos (03/04/2009)

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[…] Original post by mhanna43 […]

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[…] Original post by mhanna43 […]

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