CAMDEN Citing missed payments, a bank that helped finance the development of Campbell's Field, where the Camden Riversharks play, is suing to recover $4.6 million in loans.
Santander Bank, a Wilmington-based entity formerly known as Sovereign Bank, filed the suit in federal court in Camden on Dec. 4.
The bank is asking for a judgment against CFDA Baseball Property Inc., the Cooper's Ferry Partnership subsidiary that took the loans out to build the stadium. It is asking for the same judgment against Camden Baseball L.L.C., owner of the Riversharks, as the guarantor of the loans.
The suit says the bank had sent notice as part of a 45-day "cure period" for other involved organizations, including Rutgers-Camden, which has title to the property, to resolve the issue. None responded, the suit says. Each day that passes, the bank says, it is owed an additional $163.25 in interest, plus costs and fees.