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Old October 29th, 2008, 11:50 PM   #1421
WindyChat
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Here's a link to the Wall Street Journal article --
http://online.wsj.com/article/SB1225..._and_investing

Is that his daughter or his wife?

Also, I saw some headline or something that they are getting ready to maneuver the top spire of the Trump using helicopters.. that might be fun to see. Do you know when it will happen?

Eric
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Old October 30th, 2008, 01:10 AM   #1422
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It's his daughter, who appears on the Apprentice. As for the timing of the spire installation, just look back about 4 posts.
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Old October 30th, 2008, 02:47 AM   #1423
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http://featuresblogs.chicagotribune....o-mr-trum.html

Memo to Mr. Trump: Take a reader's advice and light up your spire at night

A reader of this blog, Steve Perlman, posed an excellent question Monday: Will the spire atop Donald Trump's Chicago mega-skyscraper be lit and, if so, how? "Chicago has arguably the most significant and unique collection of illuminated architectural peaks in the world," Steve wrote, acknowledging that New York and Hong Kong might beg to differ. "This was so dramatically illustrated as the entire Chicago skyline was illuminated in pink for Breast Cancer Awareness Month."

I put Steve's question to Andrew Weiss, an executive vice president of the Trump Organization, and here's what Andrew emailed back: "Lighting is still ahead of us. I was just talking to Mr. Trump about the upcoming spire installation [a helicopter will install the spire on Saturday and Sunday] and I mentioned your interest in it. He said that if lighting was important to you, he would make it 'the best lit spire in Chicago.'"

Memo to Mr. Trump: Lighting isn't just important to me. It's a point of pride for readers such as Steve and for Mayor Richard M. Daley, who ordered you to put up the spire in the first place. The mayor has been pushing building owners to light the tops of their buildings at night, correctly arguing that it promotes an image of vitality. Frankly, I'm astonished that King Rich's planners haven't already forced you to come up with a lighting plan. No matter how your spire turns out--and I'm not exactly confident it's going to live up to the standard set by the Chrysler Building, given that you're using the same materials for it as the broadcast antennas on Sears Tower--it should be a nighttime focal point. So by all means, check out your lighting options. And by the way, thanks for putting a spire up there instead of something totally garish like a giant letter "T."
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Old October 30th, 2008, 04:20 AM   #1424
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Quote:
Originally Posted by Flubnut View Post
It's his daughter, who appears on the Apprentice. As for the timing of the spire installation, just look back about 4 posts.
Sorry I think that's where I actually saw the reference, doh! just forgot from visiting this thread periodically during work.

So is it this weekend Sat/Sun or last weekend?

Anyway, makes sense it's his daughter, looks like almost a teenager.. (how old is she?).

Eric
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Old October 30th, 2008, 08:20 PM   #1425
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Any update on the spire installation? According to a Trib. article, it's not happening until the 15th and 16th, but I've heard other reports that it's happening this weekend.

http://featuresblogs.chicagotribune....o-mr-trum.html
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Old November 1st, 2008, 04:39 AM   #1426
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Taken today:
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Old November 4th, 2008, 09:42 PM   #1427
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nice tower!!!
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Old November 5th, 2008, 01:30 AM   #1428
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Cya elevator! Hope that other one doesn't linger for months while they finish the upper interior...

Edit: Must have been the angle... elevator hasn't moved >_<
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Old November 8th, 2008, 09:14 AM   #1429
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Sorry for the noisy sky (O/E with a crappy image sensor).
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Old November 10th, 2008, 09:52 PM   #1430
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Trump Files Suit Against Lenders

http://online.wsj.com/article/SB1226...djemRealEstate

Donald Trump filed suit against the lenders on his unfinished Chicago skyscraper, plunging the project into legal turmoil and highlighting the credit crunch's pervasive effects on real estate.

Mr. Trump is suing to extend a $640 million senior construction loan on the 92-story Trump International Hotel & Tower from a group of lenders led by Deutsche Bank AG and including a unit of Merrill Lynch & Co., Union Labor Life Insurance Co., iStar Financial Inc., a publicly traded real-estate investment trust, and Highland Funds, a unit of Highland Capital Management LP.

The tower, which contains 339 hotel rooms and 486 condominiums, will be the second-tallest building in the U.S. behind Chicago's Sears Tower and is expected to be completed in mid-2009. The hotel, on the lower floors, opened earlier this year. But sales of both the hotel rooms and the condominiums have come in below original estimates and the project's current projected revenue remains short by nearly $100 million needed to pay off the senior lenders.

The lawsuit, filed in New York State supreme court in Queens, is a further indication of the dysfunction in the real-estate lending markets as borrowers and lenders struggle to resolve troubled projects. People familiar with the matter say the lender group, which is made up of more than a dozen institutions, was unable to agree on the extension.

The suit demands -- among other things -- that an extension provision in the original loan agreement be triggered because of the "unprecedented financial crisis in the credit markets now prevailing, in part due to acts Deutsche Bank itself participated in." This so-called force majeure provision is common in contracts and can be applied to acts of war and natural disasters. Mr. Trump already extended the loan once in May.

Mr. Trump asked for $3 billion in damages. The suit won't affect construction of the project, according to people familiar who say there is enough money to complete the $90 million work that is left.

The suit says Mr. Trump attempted to resolve the impasse by offering to buy the project's unsold hotel units for $97 million. That money would be used to pay down the construction loan, along with the $204 million in proceeds from closed units and the $353 million that is expected from units that close in the next six months. A Deutsche Bank spokesman declined to comment.

Mr. Trump has put $77 million of his own equity into the tower, which he would stand to lose in a potential foreclosure. Other than a $40 million guarantee to complete the project, Mr. Trump has no recourse obligations to the project. A Trump spokesman declined to comment.

Deutsche Bank originated the construction loan in 2005 and sold off most of it to others, retaining less than $10 million of exposure on that loan. The suit alleges that Deutsche Bank compromised the senior construction loan by selling pieces off to "so many institutions, banks, junk bond firms, and virtually anybody that seemed to come along," that the lending group is unable to come to a consensus on how to deal with the matter.

It also alleges Deutsche Bank created a "serious conflict of interest" by taking a separate stake in the project's so-called mezzanine loan that was originated by private-equity firm Fortress Investment Group. The mezzanine loan, which is junior to the senior construction loan, had an original principal of $130 million but will eventually accrue to $360 million. Deutsche Bank purchased roughly one-quarter of the mezzanine loan, according to people familiar with the matter.

The suit names the mezzanine lenders as defendants, including Fortress and its affiliates, Newcastle Investment Corp. and Drawbridge Special Opportunities Fund, as well as Dune Capital Management and Blackacre Institutional Capital Management, the real-estate arm of Cerberus Capital Management. Fortress didn't respond to a request for comment. The other lenders declined to comment.

Unless sales of the condo and hotel units restart despite the worst housing market in generations, and quickly generate $400 million in new sales, it will be difficult for the project to pay off the mezzanine loan, which comes due in May 2009.
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Old November 26th, 2008, 02:50 AM   #1431
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Taken last Saturday







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Old December 1st, 2008, 12:56 AM   #1432
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Trump Sued Over Chicago Tower

The lead lender on the Trump Tower is accusing Donald Trump of missing a loan payment.

Ring the bell. Looks like Donald Trump and his lenders will go another round in their financing fight at the Chicago high-rise.

The lead lender on the Trump International Hotel & Tower is suing Donald Trump, seeking to collect on a $40-million personal guarantee the developer made on the 92-story structure, according to Crain's.

Citing chicagorealestatedaily.com, Crain's said Deutsche Bank Trust Co. Americas filed the suit Friday in Manhattan's New York state court, alleging Trump didn't pay off a remaining $334.2 million loan due on Nov. 7 to Deutsche Bank and its syndicate of lenders.

Earlier this month, Trump filed his own suit against Deutsche Bank and its syndicate, accusing them on not allowing an extention of a Nov. 7 deadline of the $640-million loan for the project.
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Old December 2nd, 2008, 07:20 PM   #1433
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Where the F is my spire!


I assume they'll at least throw that thing up, right?


By the way, I love how the building looks with the lights on in the upper floors. Very cool.
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Old December 4th, 2008, 06:04 PM   #1434
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Quote:
Originally Posted by Chicagoago View Post
Where the F is my spire!


I assume they'll at least throw that thing up, right?


By the way, I love how the building looks with the lights on in the upper floors. Very cool.
Insiders at SOM say not until after the first of the year - so sometime in January is the prediction. The city doesnt want them closing down any streets during the holiday season because of the shoppers.
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Old December 10th, 2008, 06:32 AM   #1435
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12/7


Last edited by wrabbit; December 10th, 2008 at 07:28 PM.
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Old December 10th, 2008, 07:04 AM   #1436
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Great picture!
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Old December 10th, 2008, 05:20 PM   #1437
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Still no spire, eh? I thought it was supposed to go on last month? What happened?
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Old December 10th, 2008, 06:39 PM   #1438
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^Rumor has it that the spire goes on this Saturday.
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Old December 10th, 2008, 06:41 PM   #1439
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Quote:
Originally Posted by wrabbit View Post
^Rumor has it that the spire goes on this Saturday.
I can confirm that. My building(next door neighbor) was told it will go up weather permitting.
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Old December 11th, 2008, 06:16 PM   #1440
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Quote:
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^Rumor has it that the spire goes on this Saturday.
I heard that too. Let's hope it's true, I think it would be great to finally see the structure "complete".
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