NY Loft Developers Face Claims Of Mezz Loan Default

Law360, New York (February 22, 2012, 4:38 PM EST) -- The developers of New York's Artisan Lofts, a 16-story condominium complex in downtown Manhattan, were hit with a lawsuit on Wednesday over allegations that they defaulted on a $16 million mezzanine loan used to help finance the conversion of the property from an office building.

California-based commercial lender Fillmore East MS Finance Subsidiary LLC filed a suit against Tribeca Associates LLC alleging that it's owed at least $6 million in damages over the loan, which it acquired after it was originated by Morgan Stanley Mortgage Capital...
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