The Real Deal Miami

Perez, Miami “Condo King,” moves forward

November 23, 2010 10:36AM

Last week, Related reached a foreclosure agreement with lenders holding
the $223 million mortgage on Trump Hollywood, a sale that put the last
of Jorge Perez’s seven troubled Florida projects behind him. “Things are
clearing now,” Perez said. “Most of the lenders feel that way. And
we’re talking to many of them and trying to do deals.” Related lost four
of the seven developments to foreclosure, sold its interest in one to a
partner, and renegotiated payments on the two others. In six of the deals,
however, it retained a management or marketing role. “Banks have great
respect for him and banks need him,” Donald Trump said of Perez.
“They’ll make a deal with Jorge whereas they wouldn’t make a deal with
other people.” [Bloomberg]