NYC Hotel Backers On The Hook For $5M Nomad Loan

Law360, New York (August 23, 2012, 6:15 PM EDT) -- Mezzanine lender Nomad Mezz Lending LLC can collect up to $5 million from the now-bankrupt former owners of Manhattan's MAve Hotel hotel after a state judge ruled Thursday that a loan agreement put the two developers personally on the hook despite a bankruptcy filing last year.

Judge Eileen Bransten granted Nomad's motion for summary judgment against Joseph ben Moha and Benzion Suky, the two men behind Madison Hotel Owners LLC, which in 2009 defaulted on a loan to renovate the MAve Hotel.

"Nomad, as the moving party, has met its burden of demonstrating its right to summary judgment on its breach...

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