By Samantha Sleevi - Oct. 21, 2008
(Crain’s) — Cole Taylor Bank has filed a $15.5 million foreclosure lawsuit on an Uptown development site, where missing developer Salman Ibrahim once proposed an 18-story condominium building.
A venture controlled by Mr. Ibrahim, CEO of Chicago-based Sunrise Equities Inc., purchased the 1.3-acre site at 4700 N. Clarendon Ave. in June 2007 with financing from Cole Taylor that was structured to comply with the Islamic prohibition against the payment of interest.