Roosevelt Island hotel lender looks to claw back $77M 
Roosevelt Island’s lone hotel is getting kicked out of class. A lender is looking to claw back $76.5 million after Hilton’s Graduate Hotel ceased operations and had its ground lease terminated by Cornell University. An entity of commercial mortgage lender ACRES Capital is suing a real estate fund tied to the Graduate chain and AJ Capital Partners, saying it owes the full value of the loan after a recourse guaranty was triggered, according to a request for summary judgment filed in New York state supreme court on Wednesday. The action could spell a financial challenge for AJ Capital, which launched […]
This article originally appeared on The Real Deal. Click here to read the full story.
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