The lawsuit claims that the bank implied that the Listokin entity would take on “uncapped liability.”Īn attorney for Valley, according to the lawsuit, also stated that Listokin intended to complete the project. Valley allegedly told Fortis that Listokin was taking over the loans “without recourse” and would quickly settle the foreclosure action and finish the project. A general partnership led by Harel Insurance holds 25 percent of the loans.Ī lawsuit filed this week by Listokin’s LLC claims that it agreed to buy the loans in July, but that during mediation Valley misrepresented Listokin’s plans to foreclose. In October 2020 Newmark began marketing the loans, which were originated by Bank Leumi USA. The parties recently agreed to re-enter mediation, but those conversations may have complicated the loan deal. Fortis has filed a separate lawsuit against the bank, arguing that the lender violated their loan agreement.
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