Christopher Milito Quoted in The Real Deal on Developer’s Lawsuit Against Lender for Failing to Fund Newark’s Halo Project
Partner Christopher Milito was quoted in The Real Deal, in an article entitled “Developer Blames Lender for Troubles at Newark’s Splashiest Project.” The article discussed a lawsuit filed by Morrison Cohen on behalf of developer Acier Holdings against lender Parkview Financial, alleging that Parkview is undercapitalized and failing to fund The Halo, a massive three-tower development in Newark.
Acier, which secured a $90 million construction loan from Parkview in 2022, stated that problems became evident in early 2023 as construction on the first tower neared completion. According to the complaint, Parkview stopped funding the loan disbursements, which remain outstanding over a year, causing delays in construction.
Christopher stated, “We expect that the courts will compel the lender to act appropriately and award our clients the damages its failures have caused.”
Read The Real Deal article here.
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