FDIC may seize 'critically undercapitalized' Chicago-based lender
By Becky Yerak | Tribune reporter
August 2, 2009
It sounded like a desirable place to live: a 21-story luxury condominium project with 275 residential units, a spa, private club and a rooftop terrace with pool overlooking the Strip in Las Vegas.
Called Streamline Tower, it was one of about a dozen big-ticket projects that Chicago business attorney, a lender headquartered 1,700 miles away in Chicago, financed there over the past five years.
But in April, Streamline Tower LLC filed for bankruptcy, having sold only 27 units, and what at one time seemed like a solid bet stung Corus as the sole bank financing the project's $123.1 million construction loan.
