SYRACUSE -- A Syracuse developer is taking Citigroup to court over the bank's decision to suspend a multimillion loan being used to more than double the size of the existing Carousel Center mall.
In May, Citigroup Global Markets Realty Corp. stopped advancing money on a $155 million loan to the Destiny USA project. Citigroup said the developer had failed to put up more of its own money or obtain additional financing to cover more than $15 million in cost overruns. Citigroup had loaned the project approximately $85 million.
Attorneys are scheduled to appear Tuesday in state Supreme Court in Syracuse for a hearing on the lawsuit.
Developer Robert Congel alleges Citigroup was reneging on the loan because of its own well-publicized financial problems.
Attorneys are scheduled to appear Tuesday in state Supreme Court in Syracuse for a hearing on the lawsuit.
Developer Robert Congel alleges Citigroup was reneging on the loan because of its own well-publicized financial problems.
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