After reappraising a 430 acre commercial development in Ohio, a developer was required to pay over $3M in outstanding principal in order to avoid default with the lender. At this time, nearly three-fourths of the property has yet to be developed and a 650,000 s.f. building has yet to be leased.
Oakley developer Rob Smyjunas has been accused by Huntington Bank of defaulting on two loans with outstanding balances totaling nearly $27 million.
According to the bank?s Jan. 18 lawsuit filed in Hamilton County Common Pleas Court, the loans were personally guaranteed by Smyjunas and were used to acquire land and finance construction of Corridor 75, an industrial park near the intersection of Interstate 75 and Ohio 63 in Monroe.
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