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.
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