FORT LAUDERDALE, Fla., March 16 (UPI) -- A lawsuit in Florida related to the Trump International Hotel & Tower pits a mortgage holder against potential condo owners, an attorney said.
"Our clients signed contracts and advanced money to the developers before they could borrow from Corus," attorney Joseph Altschul said referring to Corus Bankshares, the Chicago lender that shut down last year.
Altschul said the deposits on units in the 24-story Fort Lauderdale project made it possible for the developer SB Associates LLC to secure $139 million in loans. The new mortgage holder, Corus Construction Venture, owned by Starwood Capital, filed suit to foreclose on the property after SB Associates defaulted, the South Florida Sun-Sentinel reported Tuesday.
Earlier plans for the project called for its completion in 2007. Now in a crossfire of lawsuits, including one filed on behalf of condo depositors, "there's a dark cloud hanging over the whole property," said attorney Jared Beck, who also represents would-be condo owners.
The Donald Trump Organization said it was only nominally involved and had only licensed its name for the project.