Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the debt and equity markets, click here.)

TORONTO-A bid to erect one of the country’s largest buildings here has gotten a $310-million surge after an Austrian bank announced it will provide construction financing on the Trump International Hotel & Tower. Work is expected to begin later this year on the 70-story combination hotel/condominium complex, which is being advanced by a partnership between Talon International Development Inc. and New York City developer Donald Trump.

“I am very pleased that we were able to leverage our international business interests to secure construction financing with an exceptional European financial institution like RZB,” Talon chairman Alex Shnaider says of the commitment by Raiffeisen Zentralbank osterreich AG, the third largest bank in Austria and an active player in the renovation of Central and Eastern Europe this past decade.

“We are delighted to be involved in the financing of this historic and dynamic project,” says Karl Sevelda, a member of the RZB board.

Pre-construction sales of the project’s hotel and residential condominiums have reached $250 million in anticipation of the successful financing, Shnaider says. The project is slated to host 286 hotel rooms and 147 condos, and is expected to be the tallest residential building in Canada upon completion.

Situated in the heart of Toronto’s vibrant Financial District, the tower is destined to become an integral part of the city’s skyline in a design created by a homegrown firm, Zeidler Partnership Architects, says Shnaider. In a release welcoming the agreement with RZB, Trump says he believes the project will yield “one of the most luxurious Trump buildings” ever developed.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.