Toronto’s Trump Tower nears auction as developer defaults

[applegrove]

Toronto’s Trump Tower nears auction as developer defaults

By KATIA DMITRIEVA at Bloomberg, Toronto Star

https://www.thestar.com/business/2016/10/27/torontos-trump-tower-nears-auction-as-developer-defaults.html

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Investors who want a piece of the Trump name may now have their chance. The Trump International Hotel & Tower in Toronto is likely to hit the market as the owner of debt on the property seeks a sale.

JCF Capital ULC, a closely held firm, recently bought the construction loan on the 65-story hotel and condominium building, and claims developer Talon International Inc. and related companies defaulted on making payments since last year. JCF Capital is seeking a court-supervised sales process for the property to recoup the outstanding $301 million on the debt, according to court filings made Tuesday under Canada’s bankruptcy and insolvency act.

Lawyers representing JCF Capital and Donald Trump’s Trump Organization, which licensed its name to the building and manages it, didn’t immediately respond to requests seeking comment. Jay Wolf, one of the operators of JCF Capital, declined to comment. Wolf also is founder of Delaware-based real estate and private equity investor Juniper Capital Partners LLC, which specializes in distressed assets.

“Talon intends to co-operate with all parties while the court restructures the underlying asset,” Steven Rukavina, a partner at Toronto-based legal firm WeirFoulds LLP who is representing the developer, said in an email. He declined to comment further, saying the matter is before the courts.



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[LAS14]

1. I wish I could understand this. Sounds juicy.

[NBachers]

2. So is Talon News a division of Talon International?