Developer's Suit Over One Madison Park Loan Shot Down

Law360, New York (December 16, 2011, 8:17 PM EST) -- A New York state judge on Friday dismissed, for now, a real estate developer's suit against Amalgamated Bank over the developer's efforts to acquire a $78.5 million junior loan on a troubled 50-story condominium tower on Manhattan's Madison Square Park.

The developer, HFZ One Madison Park LLC, claimed that Amalgamated, the trustee for the LongView Ultra Construction Loan Investment Fund, hadn't warned it about conditions on a deal for HFZ to take a $78.5 million junior participation interest in the $238.5 million loan financing the One...
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