NJ Authority Sues Developer Over Loan Default

Law360, New York (August 16, 2012, 9:06 PM EDT) -- The New Jersey Redevelopment Authority has sued a developer for allegedly defaulting on a $675,000 loan intended to support the construction of a mixed-use project in Orange, N.J.

The authority is seeking nearly $850,000 from Scott/Groves Development LLC, an amount that includes the loan's principal as well as interest and late charges, according to the complaint filed in New Jersey Superior Court in Mercer County on Aug. 9.

“The borrower has received the use and benefit of the proceeds of the loan without repaying its obligation...
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