Apt. Owner Sues US Bank, Servicer Over $36M Loan Terms

Law360, Philadelphia (August 16, 2012, 7:23 PM EDT) -- The owner of a 516-unit Philadelphia apartment complex filed a lawsuit Tuesday saying it will be forced to default on a $36 million loan after U.S. Bank NA and C-III Asset Management LLC refused to renegotiate the terms of its loan agreement.

Brookside St. Ives, which owns the apartment complex, filed suit in the Philadelphia Court of Common Pleas alleging that lender U.S. Bank and loan servicer C-III have declined to work with the company after the repayment terms of its $35.8 million loan increased in...
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