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Trump Tower Developer Reveals Deal With Hedge Fund

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By SHANNON BEHNKEN | The Tampa Tribune

Published: October 3, 2007

TAMPA - The stalled Trump Tower Tampa may be one step closer to becoming a reality.

The developer, Tampa-based SimDag LLC, has received a "commitment agreement" from a New York hedge fund that may fund a loan for the tower, according to an e-mail sent to buyers.

The e-mail did not identify the name of the New York hedge fund. SimDag CEO Frank Dagostino would not confirm the commitment agreement.

"We're still trying to work some things out," he said.

SimDag, unable to obtain financing from traditional lenders, has been negotiating with the fund as a last-ditch effort to build the 52-story tower along the Hillsborough River.

Rhona Graff, a spokeswoman for the Trump Organization, said no one with her office had seen such a commitment letter. Although real estate mogul Donald Trump is not a developing partner in the project, he has licensed his name to SimDag for the tower. In May, Trump sued seeking to terminate his licensing agreement.

There has been no construction activity at the site for months. The project signs that hang on a fence around the project are torn and worn, and grass has grown up around the site.

SimDag announced Trump Tower in early 2005 but has struggled to get financing and ran into problems with unstable ground and buyers dropping out. Some have sued, seeking their money back.

Last month, a federal judge in Tampa granted SimDag 45 more days to respond to Trump's lawsuit. That time will expire in mid-November.

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