"Furnished But Empty"

Fort Lauderdale Condo Part of Chicago Bank's Troubled Portfolio

The News-Press drew national attention last week with this story about a New Jersey firefighter living alone in a downtown Fort Myers. That Related condo looks crowded relative to the new Trump International Hotel & Tower in Fort Lauderdale. According to the Sun-Sentinel, "the 24-story, 298-unit oceanfront hotel condo had deposits on 70% of its units, but after the bust of the real estate market, the buyers either walked away or filed lawsuits against the building that has yet to open." Chicago-based Corus Bankshares financed the Trump project and 33 other projects in South Florida. Loans on 12 of those projects are over 90 days past due and account for roughly half of Corus' $2 billion in non-performing loans.