Metroplex suing former owner of Van Dyck Friday, September 4, 2009 By Michael Lamendola (Contact) Gazette Reporter
SCHENECTADY — The Metroplex Development Authority is suing the former owner of the historic Van Dyck for the balance of a loan he defaulted on in 2007. Metroplex filed the request for judgment on Aug. 27 in state Supreme Court in Schenectady County against N. Peter Olsen of Saratoga Springs. It is seeking $169,000 from Olsen. Metroplex Chairman Ray Gillen said the amount satisfies the balance on a $200,000 loan and a $75,000 line of credit the authority advanced to Olsen in 2004 for his business. In 2007, Olsen defaulted on the Metroplex loan and on a $250,000 loan from Berkshire Bank. Both then foreclosed on Olsen. Metroplex had secured the loan against the 235 Union St. property in the Stockade section of the city, but Berkshire had first position on the mortgage. “We are beginning the process to collect on the personal guarantee Peter promised us,” Gillen said. He said Metroplex can go after Olsen’s assets through the legal action....................>>>>...................................>>>>................................http://www.dailygazette.com/news/2009/sep/04/0904_vansuit/
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