Banks threaten developers with foreclosure

December 03, 2008 08:10AM

Banks are starting to more aggressively threaten developers in the city with foreclosure, and are lending cautiously. One unidentified developer and manager of residential projects throughout the city is cutting a deal with his foreign lenders, who have postponed a sale of his stakes in various one-entity companies. Deutsche Bank sued Donald Trump for $40 million after Trump sued the bank for $3 billion, claiming the bank damaged his brand by not funding his Chicago hotel and condo. Trump was able to get Deutsche Bank to lend him $13.2 million.

Comments are closed.