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Article: Bank seeks foreclosure on Days Inn in Elmsford. (First National Bank of Boston)
- Article from:
- Westchester County Business Journal
- Article date:
- February 24, 1992
- Author:
CopyrightCOPYRIGHT 1992 Westfair Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Lender cites owner for $8.33 million default
The First National Bank of Boston has filed a foreclosure action against the owners of the Days Inn Hotel in Elmsford, seeking repayment of more than $8 million in mortgage financing.
The action was filed in state Supreme Court in White Plains on Feb. 7 on behalf of bondholders who financed the sale of the hotel from Days Inn of America to a Chicago-based limited partnership in March 1989.
First National Bank of Boston is the trustee for the bondholders, made up primarily of insurance companies and financial institutions, according to Steven Klugman, a New York City attorney representing the bank.
The ...