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$500M Hotel/Condo Project Gets Financial Boost

TORONTO-An Austrian bank will lend $315 million for construction of the luxury tower, a joint venture between Canadian firm Talon International and developer Donald Trump.

By Joe Clements | Updated on March 23, 2007

(To read more on the debt and equity markets, click here.)

TORONTO-A bid to erect one of the country’s largest buildings here has gotten a $310-million surge after an Austrian bank announced it will provide construction financing on the Trump International Hotel & Tower. Work is expected to begin later this year on the 70-story combination hotel/condominium complex, which is being advanced by a partnership between Talon International Development Inc. and New York City developer Donald Trump.

“I am very pleased that we were able to leverage our international business interests to secure construction financing with an exceptional European financial institution like RZB,” Talon chairman Alex Shnaider says of the commitment by Raiffeisen Zentralbank osterreich AG, the third largest bank in Austria and an active player in the renovation of Central and Eastern Europe this past decade.

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