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Brothers Sue Lender Over Foreclosure | Real Estate News
Two brothers, Yisroel and Hanoch Cimerring, are suing Arbor Realty Trust after losing their Georgia apartment complex to foreclosure — a property they’d invested $45 million in and renovated extensively. They claim Arbor promised permanent financing via a Fannie Mae-backed refinance but instead delayed, forcing them into default. Now, an Arbor affiliate bought the property at auction for far less. Arbor counters that the property was mismanaged and that they tried — but couldn’t — secure refinancing due to its deteriorating condition. The $175 million lawsuit, filed in New York, accuses Arbor…
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