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"Then each time Fleetwood would be not so much overcome by remorse as bedazzled at having been shown the secret backlands of wealth, and how sooner or later it depended on some act of murder, seldom limited to once."
I heard that construction has completely halted and I've seen pictures of all equipment being taken off the site. Does anyone have information and updates on the situation?
Phase I is topped out. Maybe interior work. Haven't heard of any stall in construction, potentially interior related. Word is it could be electrical related, having to do with the wiring and electrical components.
Developer blames lender for troubles at Newark’s splashiest project
Lakewood-based Acier Holdings says Parkview stopped funding Halo tower
JUL 16, 2024
By Keith Larsen
Quote:
The Lakewood-based development group behind a massive three-tower development in Newark alleges their lender stopped funding the project.
An entity tied to Acier Holdings filed a lawsuit in New Jersey state court claiming the project’s lender Parkview Financial is undercapitalized and is failing to fund their project known as The Halo. The towers will become some of the tallest buildings in Newark, reshaping the city’s skyline.
Quote:
The developer alleges problems became evident with the lender in early 2023 as construction on the first tower neared completion. According to the complaint, Parkview stopped funding the loan disbursements, which remain outstanding over a year, causing delays in construction.
'We expect that the courts will compel the lender to act appropriately and award our clients the damages its failures have caused,” said Christopher Milito of Morrison Cohen, attorney for the developer.
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