Lenders foreclosed last week on the 200-unit luxury condominium project "Trump Hollywood," a 41-story beachside tower in Hollywood, north of Miami Beach.The foreclosure ends a lengthy debt restructuring by developer Jorge Perez and Related Group of Florida. Related Group, founded in 1979 by Perez and New York developer Stephen Ross, will continue to manage and market condos. Sales have closed on 25 of the 200 units, which were listed at prices ranging from $900,000 to $7 million
The luxury condo project offered condominiums with prices ranging from 1 million to 7 million dollars. Units could be purchased with an initial downpayment of 20 percent of a given property's value and a mortgage on the remainder, but with the recession and sharp fall in property values, only 25 of the units were sold.
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