ERC 16W LIMITED PARTNERSHIP v. XANADU MEZZ HOLDINGS LLC

Nos. 4715, 600870/09.

95 A.D.3d 498 (2012)

943 N.Y.S.2d 493

2012 NY Slip Op 3547

ERC 16W LIMITED PARTNERSHIP, Appellant, v. XANADU MEZZ HOLDINGS LLC et al., Respondents.

Appellate Division of the Supreme Court of New York, First Department.

Decided May 8, 2012.


Plaintiff ERC 16W Limited Partnership (ERC) is the borrower under a $1.015 billion "Construction Loan Agreement," dated March 30, 2007 (hereinafter, the loan agreement), intended to finance the development of the Meadowlands Sports Complex in East Rutherford, New Jersey. Defendant Xanadu Mezz Holdings LLC (XMH) was not one of the "Lenders" that was originally a party to the entire loan agreement. Rather, XMH was a "Closing Date Participant," meaning that it was assigned a...

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