Sunday, January 3, 2010

O’Neill facing $61M ruling

Citizens Bank has secured a $60.9 million judgment against the developer of Uptown Worthington who borrowed money from the financial institution to construct the sprawling project in Malvern.

The judgment was entered in Montgomery County Court on Nov. 12 against Brian O’Neill after the bank and developer had tried to work out new terms on the loan, according to court documents.

The King of Prussia developer had originally arranged what was an $85.5 million loan with Citizens through Malvern Hill Associates and other O’Neill-affiliated entities for the acquisition and site improvements to Uptown Worthington, according to the loan documents filed in court. O’Neill guaranteed the loan, which was initially made in 2006 and amended and restated in October 2008 when the global financial markets were in turmoil.

O’Neill hasn’t filed a petition in Montgomery County Court to strike the judgment, which is a legal option available to anyone who has a judgment placed against them

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