Friday, August 3, 2018

Settlement reached over Seven Tower bankruptcy

by Natalie Kostelni Reporter Philadelphia Business Journal
A settlement has been reached in a Chapter 11 bankruptcy proceeding that involves an entity overseeing the development of Seven Tower Bridge, a proposed office building in Conshohocken, and a company that lent money to help fund the project.

After going through mediation, Seven Tower Bridge Associates, the debtor in the bankruptcy, along with the Redevelopment Authority of Montgomery County, R&J Holding Co., and the borough of Conshohocken have come to terms that will allow the Seven Tower Bridge Associates to proceed with the development.

“We’re back in business like it never happened,” said Don Pulver of Oliver Tyrone Pulver, who controls Seven Tower Bridge Associates. “It’s all resolved and we're back to business as usual.”

Seven Tower Bridge Associates, a limited partnership formed to develop the proposed office tower, has had plans since 2010 to build a 14-story, 250,000-square-foot structure on 2.3 acres at 110 Washington St. The project would have 10 stories of office space atop a four-story parking garage.

It voluntarily filed for Chapter 11 bankruptcy protection on March 22, putting a stay on a mortgage foreclosure proceeding, brought by R&J Holding Co. of Trappe, that was underway in Montgomery County Court of Common Pleas.

R&J Holding initiated the foreclosure, saying in court documents it lent Seven Tower Bridge Associates a total of $8 million in two separate loans — one that totaled $7 million and another $1 million — in 2010 that were secured by the Seven Tower site and scheduled to mature March 1, 2017.
Full story: https://www.bizjournals.com/philadelphia/news/2018/08/03/conshohocken-seven-tower-bankruptcy-settlement.html
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