Appellate Court Affirms Denial of Summary Judgment for Alleged Breach of Construction Loan Agreement
The First Department affirmed the trial court's denial of summary judgment of foreclosure in favor of the lender, and against our client, a developer. There were issues of fact concerning the lender's refusal to process the developer's draw request under a $95 million construction loan agreement, a refusal that brought construction to a halt and caused the alleged default by the developer. Amalgamated Bank v. Fort Tryon Tower SPE LLC 140 A.D.3d 599, 35 N.Y.S.3d 14 (App. Div., 1st Dept. 2016).