A real estate investment company charged $844,000 in late fees and interest by BlackRock Inc. for being a week late on a $25 million loan payoff has sued the financial giant, calling BlackRock’s actions “the very definition of predatory lending.”
In a lawsuit filed last week before Manhattan Supreme Court Justice O. Peter Sherwood, Beltway 7 Properties v. BlackRock Realty Advisors, 0654187/20016, Beltway 7 Properties Ltd. claims its lateness was at worst a “technical default” caused by an agent of a lender linked to the transaction.
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