Developer Entitled to Preliminary Injunction Requiring Construction Lender to Fund Major Development Project—Money Damages Difficult to Assess for Unique Project—Reputational Injury —Judicial Notice of Economic Conditions Which Precluded Obtaining Replacement Loan
This appeal involved the issue of whether a developer was entitled to a preliminary injunction requiring the defendant lender to fund pending draw requests in connection with a construction/development loan. The lender asserted that the action is one for breach of contract and money damages could compensate the developer for any damages allegedly sustained. The trial court had granted the preliminary injunction. The Appellate Division affirmed as to the pending draw requests, but narrowed the scope of the relief and directed that the developer post a $15 million undertaking.
