SCHENECTADY Developer plans to avoid foreclosure Myers says he’ll pay off loan, refinance ‘Lofts at Union Square’ project BY MICHAEL LAMENDOLA Gazette Reporter Reach Gazette reporter Michael Lamendola at 395-3114 or lamend@dailygazette.com.
A developer seeking to build high-end apartments on a block of Union Street between the Union Inn and Barrett Street is facing foreclosure on the properties. However, Chris Myers said he plans to stave off foreclosure, scheduled for Jan. 28, by paying off the bank and refinance his “Lofts at Union Square” project through another financial institution. Myers said he owes the Community Preservation Corporation $260,000. He used the money to purchase a row of apartments along Union Street for $375,000. Myers said he and the corporation could not come to terms on financing the project and that corporation called in its loan. “When I bought the property, I took out a small loan for the acquisition,” he said. His initial plan was to build 16 upscale condominiums along the block at a cost of $5 million. Then the banking crisis hit and the bank no longer wanted to finance a condominium project, Myers said. So he switched the plan to create highend apartments, but the corporation still refused to provide financing, he said. “They are foreclosing to get out of the deal,” Myers said. “I will pay off the loan and find a different bank.” Myers said he plans to complete the project next spring. He will demolish the apartments, which are vacant, this winter, he said. Myers also owns the Parker Inn on State Street.
Nobody wants a luxury condo in Downtown Schenectady? Big surprise.
What's the problem-the record taxes, crime, no neighborhood school or grocery, or the fact that the Big House never opened? You can't make this stuff up.
However, Chris Myers said he plans to stave off foreclosure, scheduled for Jan. 28, by paying off the bank and refinance his “Lofts at Union Square” project through another financial institution
Quoted Text
“They are foreclosing to get out of the deal,” Myers said. “I will pay off the loan and find a different bank.”
Does anyone think that there is a line of financial institutions waiting anxiously to provide funding? If his initial loan has been called, and the loan is going to foreclosure are there derogatory reports on his credit?
Who will provide the financing with favorable terms?
This is called "saving face". This project made no sense from day one. Especailly after the flopped Anthony St debacle. The usual suspects were all cheering this on as more proof of mythical "renaissance".
By the way what's the latest on the Beauty School "College" where The Big House was to be?
This is called "saving face". This project made no sense from day one. Especailly after the flopped Anthony St debacle. The usual suspects were all cheering this on as more proof of mythical "renaissance".
By the way what's the latest on the Beauty School "College" where The Big House was to be?
How 'bout the THOUSANDS of jobs they created? But hey....'we've always got proctors'!
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
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Nobody wants a luxury condo in Downtown Schenectady? Big surprise. 
