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Carmel Wins In Loan Dispute Over $143M San Fran Apts.

Law360, New York (March 28, 2013, 7:59 PM EDT) -- Affiliates of San Francisco real estate investor Carmel Partners owning a $143 million apartment venture won a long-running wrongful foreclosure action in California state court  Monday over a loan they had acquired and foreclosed on more than two years ago.

Judge Marla J. Miller  ruled that the entities correctly and rightfully foreclosed in 2010 on a $110 million, Bear Stearns & Co.-originated loan that Carmel had bought, and blasted original owner Richard Cohen of New York-based Capital Properties for allegedly trying to disrupt the loan sale,...
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