Acier Holdings, the developer behind The Halo, a three-tower project in Newark, is suing their lender, Parkview Financial, for allegedly halting funding and being undercapitalized. Acier claims Parkview’s CEO admitted that 70% of their loans are non-performing. Parkview’s CEO, Paul Rahimian, denies these allegations, stating the borrowers have been in default and that Parkview intended to foreclose on the property. The dispute arose as construction neared completion, with Parkview allegedly stopping loan disbursements, leading to delays.
Acier Holdings
