Trump to ask for later loan due date on Chicago Trump Tower

Crain's Chicago Business reports:

Amid stalled condominium sales at his new downtown high-rise, Donald Trump expects to ask lenders to push back the due date on the construction loans that financed the 92-story riverside project.

But the project’s 339-room hotel, which opened in January, is performing better than expected, with an average daily rate of more than $350 a room and 65% occupancy rate, according to Donald Trump Jr., the celebrity developer’s son, who is working on the project.

Both Trumps were in town Wednesday with other family members to commemorate the recent completion of the top of the building and, more importantly, generate some publicity to get condo sales going again.

But the gloomy economic outlook and lack of mortgage financing is likely to make it even harder to sell condos at the Trump tower, where sales have been stuck at the same level for more than two years. Buyers had signed contracts for 365, or 75%, of the project’s 486 residential condos by July, according to Appraisal Research Counselors, a Chicago-based real estate consulting firm.

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