Trump Tower Tampa says it has loan commitment

TAMPA - Long-delayed Trump Tower Tampa, the proposed 52-story downtown luxury condo high-rise on the Hillsborough River, may get the financing it needs to go vertical.

Developer SimDag LLC has told buyers of some of the 190 condos that an undisclosed New York hedge fund has given the company a "commitment agreement" for a $200-million loan. Such a letter outlines the terms of a loan while listing conditions borrowers must meet before funds are disbursed.

The tower, announced with fanfare in February 2005, has struggled to find financing in the housing downturn. Construction is expected to take more than two years. New York tycoon Donald Trump is licensing his name to the deal in return for 50 percent of the profits on each condo unit.

The Related Group, a Miami developer with ties to other Trump projects, has expressed interest in taking over the project from SimDag.

-- Jim Thorner, Times staff writer

Comments

Sim Dag has no credibility. I'm surprised the SPT would bother to run this story.

[Al]

Sim Dag has only received a "commitment agreement" NOT A LOAN. And it comes from a "undisclosed New York hedge fund".
There is no guarantee that Sim Dag will comply with the terms of the loan or the conditions that they have to fulfill before funds are available.