But the financial crisis had begun and selling the pricey apartments had become a challenge, so Mr. ![]() The loans were due in May 2008, the Times reported. In that instance, the lenders could seize the building if Mr. The 401 Mezz Venture had to pay a $49 million exit fee when repaying the loan, the Times reported. Trump also borrowed $130 million from the hedge fund and private equity company Fortress Investment Group in a mezzanine loan – meaning it would be repaid only after the Deutsche Bank debt had been fulfilled, the Times reported. Trump agreed to guarantee $40 million that the bank could collect if Mr. That was more than twice the figure previously known, the Times reported.ĭeutsche Bank agreed to lend $640 million to 401 North Wabash Avenue, and Mr. Trump even sued his largest lender and accused it of preying upon him, but that bank agreed to lend him another $99 million so he could pay back what he owed on a defaulted loan for the Chicago tower, the Times reported. But tax return data and other records and interviews obtained by the Times showed that lenders cut him slack and ended up giving him years more time to try to repay his debts, the Times reported. Trump in debt, he tried to walk away, the Times reported. When the Chicago Trump Tower project left Mr. ![]() Wabash Ave., he was overjoyed even though the 2008 financial crisis was raging.īut construction dragged the Trump International Hotel & Tower, built between 20 on the site of the old Chicago Sun-Times building, and condos proved hard to sell while retail space remained empty, the Times reported. Trump traveled to Chicago in late September 2008 to mark the near-completion of the tower at 401 N. The report by New York Times writers David Enrich, Russ Buettner, Mike McIntire, and Susanne Craig said when Mr. CHICAGO (CBS) - President Donald Trump's lenders have forgiven around $287 million in debt that he didn't pay back, and most of it was related to Chicago's Trump Tower, according to a New York Times report released Tuesday.
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