Seven Tower Bridge Associates, a limited partnership that was formed to develop a new office tower in Conshohocken called Seven Tower Bridge, has voluntarily filed for Chapter 11 bankruptcy protection.
bankruptcy protection.
The filing in the U.S. Bankruptcy Court for the Eastern District of Pennsylvania stems from a lawsuit filed April 2017 in which R&J Holding Co. of Trappe initiated a mortgage in foreclosure proceeding against Seven Tower Bridge Associates in the Montgomery County Court of Common Pleas., writes Natalie Kostelni in the Philadelphia Business Journal.
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R&J Holding said in court documents it lent the Seven Tower Bridge Associates $8 million in a first mortgage in February 2010 that was ultimately scheduled to mature March 1, 2017. On March 3, 2017, R&J Holding 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.
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