Bankrupt Real Estate Investors On Hook For $9M Loan Default

Law360, Philadelphia (June 26, 2013, 4:27 PM EDT) -- The Pennsylvania Superior Court on Monday upheld a ruling that a group of bankrupt real estate investors behind a project to purchase and renovate a downtown Philadelphia condominium building could not prove that the terms attached to a $9 million loan forced them into default.

The three-judge panel ruled in favor of Inland Mortgage Capital Corp. when it concluded that the trial court had acted properly in granting summary judgment against borrower 38 North Front Street Associates LLC and its principals.

The judges dismissed a wide...
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