TORONTO — Talon International Inc., the company behind Trump International Hotel and Tower Toronto, has delayed the closing date for the purchase and sale of condo units at the property to give themselves time to deal with Ontario Securities Commission’s (OSC) enquiries. The deadline has been extended from Nov. 29 to Dec. 13.
The Toronto-based development company came under OSC scrutiny after a group of investors reportedly complained banks have turned down their request for financing of purchases as residential condos. Commenting on the lawsuit through their website, Talon International said they’re fully co-operating with the OSC. According to a Toronto Star story, the investors said they’ve learned Canadian banks are treating the hotel project as a commercial enterprise and are refusing financing as a condo purchase. Donald Trump Sr. is also reportedly named in the litigation.
According to reports, investors say they must either come up with substantial amounts of cash to close or go to secondary financial institutions for funds, and those banks only support partial financing for the project as a commercial investment at high-interest rates.
Talon International, headed by Val Levitan, president/CEO, and chairman Alex Shnaider, launched the project in October 2007 and opened the luxurious 60-storey, 900-foot tall tower Jan. 31.
