State Street Wins $4.5M In 2nd Circ. Loan-Default Row

Law360, New York (June 12, 2013, 8:05 PM EDT) -- The Second Circuit on Wednesday said the developer of luxury Manhattan condo building at 200 11th Ave. must pay more than $4.5 million to lender State Street Bank & Trust Co. after defaulting on a loan, reversing a lower court decision.

A three-judge panel of the appeals court ruled that Gaia House Mezz LLC, an entity associated with the project, breached its loan terms and had to pay back interest to State Street, reversing a lower court's finding that State Street misled Gaia by not immediately...
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