A10 Capital sues guarantor on $23.9M Gowanus loan
A10 Capital filed a lawsuit yesterday in Brooklyn State Supreme Court seeking a money judgment for a $23.9 million loan, alleging Serabjit Singh Malhotra is the guarantor for the loan, secured by the development site on three parcels with the addresses 157-163 13th Street, 521 and 529 3rd Avenue, in Gowanus, Brooklyn. The total due now, according to the complaint, is more than $29 million.
The complaint says that Malhotra, through the company Brooklyn Third Avenue, LLC, obtained the loan in May 2019 to refinance a recourse bridge loan and to fund capital expenditures related to the development of the property.
Malhotra has other projects in the borough, including buying 257 Washington Avenue in Clinton Hill from Brookland Capital.