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bought the 160-unit complex in 2006 and took outa $59.6 million loan from to purchasee and convert the building. Oceahn Bank foreclosed on the complex inJune 2007. In late Laramar took over as theproject lender. By it had returned to its original name and was once agaim being marketed as anapartment complex. In its May 14 the court said the property is to be sold on June 26 at10 a.m. Oceab Bank may have unloadex the project before the completiob ofthe foreclosure, but it is stilp facing a lawsuit from mezzanine lender . New Jersey-based Meecorp made a $3.5 million loan to Villa Mare -- which is the sole membere of NRW -- to assist in the complex' conversion.
In the suit, Meecorp said it took a less-secure lendinv position at Ocean Bank's insistence. It also claimed that when Oceanh Bank modified its lending agreementwith NRW, it made it impossibld for the company to sell the requiref amount of units, condemning the project to foreclosurse and causing Meecorp to be unable to recover its It also claims that it would neverf have funded the mezzanine loan had Ocean Bank informexd it that NRW's sales contracts were underpriced an It is asking for $3.5 milliobn plus attorneys fees. Ocean Bank filerd court documentsdenying Meecorp's claims.
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