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AMALGAMATED BANK v. FORT TRYON TOWER SPE LLC

16332, 101283/10.

140 A.D.3d 599 (2016)

35 N.Y.S.3d 14

2016 NY Slip Op 05055

AMALGAMATED BANK, Appellant, v. FORT TRYON TOWER SPE LLC et al., Respondents, et al., Defendants.

Appellate Division of the Supreme Court of New York, First Department.

Decided June 23, 2016.

On June 15, 2007, Amalgamated and co-lender Petra Mortgage Capital Corp. LLC entered into various agreements (collectively, loans or loan agreements) by which they agreed to lend up to $95 million to defendant Fort Tryon Tower SPE LLC. Fort Tryon, in turn, planned to use the funds to develop a luxury condominium building in Washington Heights in Manhattan. The loans were to provide the amounts necessary to fund all costs associated with the project.

The loans were...

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