Trump Pulls His Name Off Fort Lauderdale Project
Filed under: Real Estate Developments
Earlier this year we mentioned another Donald Trump-affiliated project facing trouble, now Trump has taken his name off what was to be the Trump International Hotel & Tower in Fort Lauderdale, Florida. The 298-unit project has already been hit with lawsuits from buyers seeking refunds and faces foreclosure.The Sun Sentinel quotes Trump as saying that he's not involved with the foreclosure, he added: "we have nothing to do with the building. We had a licensing deal, and we terminated the licensing deal a long time ago." The timing on this is a bit odd. As the Sun Sentinel points out, this statement is coming nearly eight months after all the trouble began back in March and the new loan holder filed to foreclose on the $200 million project.
Over 100 people have put down deposits to buy condos in the building, reserving studios and one- and two-bedroom units priced from about $500,000 to more than $3 million each. Many of those buyers now want their money back and some claim that the developers misrepresented or overstated Trump's involvement with the project. This isn't the first time we've seen this type of claim involving a Trump-licensed real estate project gone sour. He's fighting a similar claim in regards to a failed project in Baja Mexico.
it may take a while to resolve this one. The local courts are clogged with foreclosures and this case's complicated financial dealings-- a series of developers, lenders and a host of far-flung buyers-- also make this one a tough one to sort out.The current loan-holder group is Corus Construction Venture, led by Starwood Capital. It filed for foreclosure March 11 against the developers, SB Hotel Associates. Lawyers for condo buyers are trying to make sure that their clients receive their deposit money owed because those buyers advanced money to the developers before they could borrow from a bank, and that the bank relied on those deposits to make the construction loan.
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