Anglo chases US property company on €13m loans
Published 24/11/2010 | 05:00
ANGLO Irish Bank is seeking the repayment of almost $18m (€13m) from a Massachusetts company that it alleges has failed to make necessary repayments on loans related to two Boston residential developments that contain 152 apartments, as well as a five-storey office block in another city in the state.
Anglo has made an application to the US court to have a receiver appointed to the apartment blocks.
Last week, the bank was blocked by a Massachusetts court from forcing the sale of commercial property in an unrelated case where it sought to recoup $180m. Court documents show that loans were given to a US company called Hildreth Ventures and related companies over a period between 2004 and 2007.
Hildreth is controlled by businessman Michael Argiros, whose firm trades as Charles River Realty.
He is also being personally sued by the bank.
The two affected apartment developments are in West Roxbury, which is a suburb of Boston, while the office building is located in Lowell, which is a short distance north west of the state's capital.
Anglo claims that no repayments have been made on loans made by it and associated with the properties since August.
The Irish bank added that it wants the immediate appointment of an operating receiver in order to prevent the defendants from dissipating the rental proceeds which are assigned to the bank and from "committing waste" at the mortgaged properties.
The bank ultimately wants the properties disposed of. Mr Argiros and his companies have asked the court to deny the motion and appoint a receiver.