A judge overseeing a Chapter 11 bankruptcy of an entity established to develop Seven Tower Bridge, a proposed office tower in Conshohocken, Pa., has asked the involved parties to try to resolve what amounts to a financial dispute through mediation.

U.S. Bankruptcy Judge Jean K. Fitzsimon signed an order June 27 to have 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 to engage in a mediation process in attempt to bring the matter to a close, writes Natalie Kostelni in the Philadelphia Business Journal.

[uam_ad id=”54865″]

The situation keeps influx one of the prime developable real estate sites in Conshohocken.

It dates back to February 2010 when R&J Holding said in court documents it lent the Seven Tower Bridge Associates $8 million in a first mortgage that was scheduled to mature March 1, 2017. On March 3, 2017, R&J Holding said in court documents that it sent a notice of default and demanded payment within seven days. “Pursuant to the terms of the note and the mortgage agreement, the note and the mortgage have been in default since March 1, 2017. To date, Seven Tower has failed to cure the default,” court documents filed by R&J Holding said.

Donald Pulver of Oliver Tyrone Pulver Corp. is in charge of Seven Tower Bridge Associates and has had plans since 2010 to develop a 14-story, 250,000-square-foot structure on 2.3 acres at 110 Washington St., the land subject to the mortgage. Though the developer has been actively marketing the property and trying to land a tenant to kick it off, Seven Tower has yet to get off of the ground.

Seven Tower Bridge Associates filed for bankruptcy protection earlier this year. It was prompted by a lawsuit filed April 2017 in which R&J Holding of Trappe, Pa., initiated a mortgage in foreclosure proceeding against Seven Tower Bridge Associates in the Montgomery County Court of Common Pleas. There had been a March 23 court hearing for arguments in Montgomery County on a motion for judgment on the case, but Seven Tower Bridge Associates filed for bankruptcy on March 22, putting an automatic stay on the litigation.

[uam_ad id=”54875″]