Developer Stuck CIBC With $39M In Defaulted Loans, Suit Says

Law360, New York (October 5, 2012, 8:30 PM EDT) -- A Canadian Imperial Bank of Commerce affiliate accused real estate developer Allen Gross in New York state court Thursday of refusing to honor personal guarantees he gave to secure loans used to invest in apartment complexes in Georgia and Texas.

CIBC Inc. says Gross, who founded and heads GFI Capital Resources Group Inc., guaranteed a portion of several loans extended to a series of special purpose entities he established to buy up apartments in Georgia and Texas. But when the investments went south and the SPEs...
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