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Colonial Bank, lender for once Trump-eted tower project pen potential swan song
By Staff Writer
Tampa Business Journal
Published: Jun 6, 2008

TAMPA -- It may be the end of Trump Tower Tampa as we hardly knew it.

While not marking an official end, the May 7 foreclosure filing on the Ashley Drive land earmarked for the 52-story, $225 million tower is a sign that SimDag LLC's on again, off again sojourn could be finally be coming to a close.

Colonial Bank, a subsidiary of Colonial Bancgroup Inc. (NYSE: CNB), initiated a 108-page foreclosure action through the Hillsborough County Circuit Court against a number of defendants beginning with SimDag/RoBEL LLC, the original name of the Trump Tower Tampa developer.

The bank is seeking a return of more than $3.2 million it loaned the developer in September 2006 to consolidate SimDag's existing mortgages on the land. The note replaced three previous mortgages valued at $6.9 million, according to court documents.



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