NJ developer sues Bravo Capital over stalled HUD refi on $100M Newark tower
A New Jersey developer is suing its lender, alleging the firm strung it along with promises of a HUD refinancing while an affiliate positioned itself to take a $100 million Newark apartment tower for a fraction of its value. Tona Construction and Management filed an adversary complaint against Bravo Capital and its affiliate BPT 50S Funding last month in the U.S. Bankruptcy Court for the District of New Jersey, part of the Chapter 11 case for 50 Sussex Redevelopment Urban Renewal LLC, the entity that owns Hoyt Tower, a 203-unit building at 50-54 Sussex Avenue in Newark. The suit accuses […]
This article originally appeared on The Real Deal. Click here to read the full story.
Categories
Recent Posts
Is It Time To Leave New York City? Not So Fast
Growing Appeal Of Mass Timber Attracts Big Tech, Developer
Investment
Why Soft Rents Are The Wrong Reason To Wait On Rental
Property
Choose The Right Platform To Expand Your Real Estate
Brokerage Business
Wildfire Smoke Damage Affects Homeownership Risks And
Costs
A Portland Newspaper Fortune Headlines This $7 Million
Riverfront Estate
The 17th Century Home Of Four Doges Of Venice Finally Comes
To Market
How To Expand Your Commercial Real Estate Brokerage
Business
Residential Developers Dive Into Science Of Blue
Space
Hard To Scale, Impossible To Ignore: Housing
Innovation
