Why is the Borrower in default on the Gramercy Court loan?
In addition to the rapid decline of the condominium market, USACM refused to grant partial lien releases to facilitate the sale of condominium units because the Borrower was in maturity default. The combination made it essentially impossible for the Borrower to sell condominiums. Furthermore, there is additional construction required on one of the two Gramercy Court buildings. Pathfinder does not believe the complex is viable – either as a condominium or as an apartment complex – until the construction of the second building is completed.
