CHICAGO-Residents who bought early into the Trump Tower here are getting nice returns when they decide to flip their condo units, according to Crain's. On average, the 31 units that changed hands collected 12% more than the original sale price -- even during the recession.
But developer Donald Trump still hasn't sold enough units in the two-year-old, 92-story development to repay lenders. He is now in the process of restructuring a $200-million loan to help give more time for payments, the article says.
Only 55% of the project's condo units have changed hands to date, as well as 46% of its hotel units. The good news for Trump, according to his lawyer, is that a deal is only a few weeks away. Click here for the full Crain's article.
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