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Tona Sues Bravo Over Newark Tower Refinance | Real Estate News
A New Jersey developer is locked in a high-stakes legal battle with its lender, Bravo Capital, over a stalled $100 million HUD refinancing for the Hoyt Tower in Newark. Tona Construction accuses Bravo of fraud and breach of contract, claiming the lender intentionally delayed the process to let an affiliate swoop in at a steep discount. Tona also alleges Bravo sabotaged another financing deal by badmouthing their leadership to a rival lender, forcing them into bankruptcy. Bravo counters that Tona abandoned the HUD deal for a faster CMBS loan, and they were actively trying to close it. With a…
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