Archive for the ‘Toronto’ Category
[URBAN NOTE] “Troubled Trump Tower in Toronto likely will go to owner of $301-million construction loan”
The Financial Post carries Alastair Sharp’s Reuters report noting that debt-laden Trump Tower here in Toronto has not received any bids, and that the bank that is its main debt holder is likely to take the building.
The court-run sale of a downtown Toronto high-rise bearing the name of U.S. President Donald Trump received no initial bids and ownership will likely fall to its main debt holder, a letter from the receiver showed.
The court process only indirectly involves Trump, whose sprawling business empire licenses its brand and manages the Toronto property on behalf of the developer, Talon International Inc. But the Trump International Hotel & Tower’s new owner will need to navigate an unresolved dispute over whether they can get out of that arrangement.
No qualified bids apart from a stalking horse offer of $298 million were received for the luxury hotel and condo property by an initial deadline, the receiver, FTI Consulting, said in a letter dated Feb. 21 and seen by Reuters on Monday.
“As a result, the Receiver has determined that the Stalking Horse Bidder is the Successful Bidder,” the letter said.
With no rival bidders emerging, the hotel’s ownership will likely fall to JCF Capital ULC, which on Sept. 29 bought the $301 million owed on the tower’s construction loan, before quickly moving to initiate the sale process.
Torontoist features, as part of its weekly Immigrants in Toronto feature, an interview with El-Farouk Khaki, an out queer Muslim who is also a leading refugee lawyer.
I was born in Dar es Salaam in Tanzania. We had to leave when I was seven because my dad had been part of the independence movement. We lived in England for three years before we came to Canada. When we first arrived in Toronto, we were put up in a homestay. It was a Jewish family. And so my first religious service in Canada was actually Purim in a synagogue, and I went to a Jewish school with one of the kids for a week and a half. And that was an amazing experience for me because I have a fairly Semitic nose, and as a Muslim kid in London in the public school system, I was always being teased about it. And so being in a Jewish school, I had nobody teasing me about my nose.
After 10 days, we went on to Vancouver, and that’s where I finished my elementary school, went to high school, university, and law school, but I came back to Toronto in 1989. I came here for work. And I stayed. I was offered a job at the Immigration and Refugee Board of Canada.