Monday, April 28, 2014

Medley developer suing former lender

Posted By on Mon, Apr 28, 2014 at 9:57 AM

The owner of Medley Centre is suing Nomura Credit and Capital, the Japanese bank that withdrew its financing for the redevelopment project. (Read the complaint below.) Bersin Properties planned to make over the moribund mall for housing, retail, a hotel, and entertainment. 

Online records from the county clerk's office show that Bersin filed the lawsuit on Friday. The filings aren't available online, but the developer is likely trying to recover damages suffered when Nomura pulled the Medley financing.

The Town of Irondequoit, East Irondequoit School District, and Monroe County Industrial Development Agency have given Bersin a May 1 deadline to make approximately $3.8 million in payments it owes on the mall project. How the Nomura lawsuit will affect that deadline is unclear.

Nomura Complaint 4 25 by chrisatcity

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