Bank sues Trump over Chicago tower loan

CHICAGO, Nov. 29 (UPI) -- Deutsche Bank Trust Co. Americas has sued developer Donald Trump, saying he failed to make good on a loan guarantee for his Chicago skyscraper, records show.

The move comes after Trump sued Deutsche Bank in New York, claiming it and a consortium of lenders wrongfully refused to extend the Nov. 7 maturity date of the $640 million loan for Chicago's Trump International Hotel & Tower, Crain's Chicago Business reported Saturday.

In the new suit, Deutsche Bank says it is owed a $40 million personal guarantee made by the billionaire developer and media personality. But Trump's attorney told the business newspaper his client will fight it in court.

"We'll have a knock-down, drag-out for the next six months over this," said Steven Schlesinger of Garden City, N.Y. "This project will be completed and sold out before this gets resolved … This is, in my mind, legal stupidity."

Trump claims the loan deadline should have been extended because of forces beyond his control, namely the global financial crisis. He also claims the Deutsche Bank suit is making it more difficult for him sell condominiums in the still-under construction, 92-story high rise, Crain's reported.