LNR Partners Hits Philly Building Owner With $4M Loan Suit

Law360, Philadelphia (May 06, 2013, 2:34 PM ET) -- LNR Partners LLC sued a Philadelphia building owner in Pennsylvania state court Friday, seeking to foreclose a property loan for $4.2 million.

Florida-based lender LNR contends that 126 Chestnut Street LP, the owner of a property at 126 Chestnut St. in Philadelphia's Old City section, has not made payments on a $3.3 million loan since September.

“Borrower's failure to make the constant monthly payment as required by the note as well as the additional escrows and deposits for taxes, insurance and reserves constitutes an event of...
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