Posted AT 9:07 PM EST on 06/10/08
Developers struggle to secure financing
This summer, Michael Gold, developer of a much-hyped condo project in downtown Toronto, realized he was facing a problem.
Just eight months after frenzied buyers lined up for days to buy units of the $450-million luxury skyscraper to be erected at the corner of Yonge and Bloor Streets, the global credit and U.S. subprime mortgage crises tightened their grip.
Bear Stearns Cos. Inc.
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