By Samantha Sleevi(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.
But the Pakistani-born developer disappeared in August, leaving investors with losses that could total $50 million, according to published reports. Mr. Ibrahim has abandoned the project and has either fled the country or is trying to, according to Cole Taylor’s complaint, which was filed in Cook County Circuit Court on October 6. Continue Reading
This guy was so shady. I can't believe the bank would fall for this. There are TONS of people who did thi in America, this is only the tip of the iceberg. He took the money and ran.
ReplyDeleteHe's also got some interesting friends in interesting political places.
ReplyDeleteTook the money and ran to Pakistan and probably will use that money against us.
ReplyDeleteAt least the top dogs on Wall Street just ran to Palm Beach!
Can anyone answer this question for me?...
ReplyDeleteDidn't this project receive TIF funds from the 46th ward so that the abandoned building at the corner of Lakeside and Clarendon would be renovated as a building for the mentally ill? If so, what will happen to those TIF funds? Is the City planning to also sue the developer, does the deal just collapse because it isn't being built or are 46th ward taxpayers just SOL?
Also, those of you that are internet savvy, did Sunrise Equities donate money to Helen's election campaign?
Lastly, if Helen is involved in this deal somehow, can someone refresh everyone's memory about the One Stop social services building Helen promoted during her election campaign a couple elections ago. It was to be at the corner of Wilson & Magnolia and the developer was crooked enough that he left the country to escape possible prosecution. Magnolia Gardens was built there instead.
I mentioned the One Stop building because if Helen is involved, this is at least the third shady development deal she has been linked with. (Wilson Yard, Sunrise Equities and the One Stop building)
ReplyDeleteAlso, those of you that are internet savvy, did Sunrise Equities donate money to Helen's election campaign?
ReplyDeleteYes. They gave her $1,000. I posted that information under UU's coverage of the NewsStar's article last week. They were also very generous donors across Chicago and Illinois.
BTW for those who have read the article and are puzzled about the financing: This is also known as "Sharia-friendly financing" and is quite common in the Middle Eastern immigrant communities. I am a Realtor and have helped a family buy a house using this system. So there's nothing inherently illegal or unethical about this practice. Though it will be interesting to see, if this guy is actually nabbed and brought to trial, if there will be a hearing before a religious court as well as the county court.
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