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360 W. 11th ST. LLC v. ACG CREDIT CO. II, LLC

600141/07.

2008 NY Slip Op 51330 (U)

360 WEST 11TH STREET LLC and 360 DEVELOPMENT CORP., Plaintiffs, v. ACG CREDIT COMPANY II, LLC, Defendant. ACG CREDIT COMPANY II, LLC, Counterclaim Plaintiff, v. 360 WEST 11TH STREET LLC and 360 DEVELOPMENT CORP., Counterclaim Defendants.

Supreme Court of the State of New York, New York County.

Decided on June 25, 2008.

EILEEN BRANSTEN, J.

This action arises out of an $8 million loan (the "Loan") made by defendant ACG Credit Company II, LLC ("ACG") to plaintiffs 360 West 11th Street LLC and/or 360 Development Corp. (collectively "360") in February 2006, which was secured by a first mortgage on real property owned by 360 (the "Property"). The Loan was repaid in full on or about January 29, 2007, together with interest at the rate of 11.5%, and...

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