Trump Hollywood Project Foreclosed
Filed under: Real Estate Developments
It's time for me to eat my words. Back in March I referred to the Trump Hollywood project in Hollywood, Florida as the "only Trump project thriving in South Florida." I was wrong on two counts: the first being that it was yet another Trump-licensed project rather than a direct Donald Trump build and the second, on the building's overall health. Bloomberg reports this week that lenders foreclosed on Trump Hollywood ending a protracted restructuring battle by developer Jorge Perez's Related Group of Florida.The project opened in 2009 and the 41-story tower includes 200 condos at current prices from $900,000 to $7 million. The $225 million mortgage on the project was part of $2 billion in troubled loans at Related Group as of early last year.
According to the Bloomberg article, sales have closed on just 25 units. Given what we've seen on other similar projects, I'm predicting we'll see a condo auction to raise interest and quick cash on units not already spoken for by buyers. Trump is facing lawsuits on other licensed projects including his failed Baja Mexico project and the Fort Lauderdale project that until recently bore his name, it's not clear if Trump Hollywood has any disgruntled buyers yet.
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