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Trump Sued For $40 Million Over Chicago Tower

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The lead lender on the Trump International Hotel & Tower is suing Donald Trump, seeking to collect on a $40-million personal guarantee the brash New York developer made on the 92-story high-rise.

The move follows a suit Mr. Trump filed earlier this month, accusing Deutsche Bank and its syndicate of wrongly refusing to extend the Nov. 7 maturity date of the $640-million loan for the project at 401 N. Wabash Ave. Mr. Trump's suit accuses the lenders of hindering his ability to sell condo-hotel units and also invokes a "force majeure" clause in the loan, claiming the world financial crisis is an extraordinary event that permits a loan extension.

Read the whole story at Chicago Real Estate Daily