January 24, 1986 |
Ronald Rubin is more than a year behind in interest payments on $18 million he borrowed from eight local banks to renovate the Bellevue Stratford, the Daily News has learned. But it is not clear whether Rubin's difficulties forced his announcement Tuesday that the hotel would close Feb. 2. Rubin is general partner of Rubin Associates, which owns 51 percent of the hotel. Judith Morse, Rubin's sister and a spokeswoman for Rubin Associates, said the hotel was closed because it was losing money.
June 21, 1995 |
The ins and outs of money management preoccupied the Chester County Commissioners at their meeting yesterday. Commissioners Joseph Kenna and Andrew Dinniman agreed the county should act quickly next week to invest the proceeds of a $22.5 million loan from the Delaware Valley Regional Finance Authority. Over time, the funds will be used to finance several major projects in the county, including open-space programs, a public-safety communications system and property reassessment, according to Mark Rupsis, director of administrative services.
June 20, 2015 |
Nine years ago, New York-based investment-fund promoter CanAm Enterprises used money from overseas investors seeking U.S. visas to lend money to a hospice business in a sprawling Northeast Philadelphia office and warehouse complex. Six years later, CanAm took over the property while Home Care Hospice's operator fought Medicare-fraud charges that eventually got him a 14-year prison term. Now, CanAm, which has joined with Philadelphia Industrial Development Corp. on at least two dozen loans for job-creating businesses - may be closing the book on the troubled transaction.
February 26, 2013 |
A North Jersey mobster, who admitted to participating in the affairs of Philadelphia's La Cosa Nostra, was sentenced today to a 55 month term in federal prison. Louis "Big Lou" Fazzini, 45, pleaded guilty in October to a racketeering conspiracy charge linked to a mob-controlled gambling and loan-sharking operation. A self-described "made" member of the mob, Fazzini, of Caldwell, operated a sports bookmaking business and ran a social club in northern New Jersey where illegal gambling on card and dice games occurred regularly.
June 14, 2013
A 37-year-old South Jersey man pleaded guilty Thursday to loan sharking on behalf of the Philadelphia mob, federal prosecutors said. Robert Ranieri, of Glendora, admitted that he conspired with Philadelphia mobster Anthony Staino and others to make a usurious loan to an undercover FBI agent and then threatened violence to collect on the loan, according to federal prosecutors. Ranieri's sentencing hearing is scheduled for Sept. 25 and he faces a maximum 40 years in prison. - Robert Moran
June 1, 2010
The Pennsylvania Industrial Development Authority approved a $1.5 million, 15-year loan at 3.75 percent to Liberty Coating Co. L.L.C., a Morrisville company that applies anti-corrosion coatings to pipes used by the natural gas, oil, petrochemical, and water and wastewater industries. - Harold Brubaker
April 23, 2012 |
A three-year, $66.2 million construction loan has been arranged through Wells Fargo Bank for Pearl Properties' Granary luxury multifamily project at 20th and Callowhill Streets in Philadelphia. The loan was arranged by the New Jersey office of commercial real estate adviser HFF Inc., which announced the financing. When completed in 2013, the Granary will have 227 one- and two-bedroom apartments averaging 842 square feet each, 20,654 square feet of ground-level retail space and underground parking.
October 25, 1994 |
The cavalry has arrived. National Media Corp., the financially troubled producer of infomercials, is getting a $5 million loan from venture capitalist Warren V. Musser. Musser's Safeguard Scientifics, a Wayne capital-investment company, will extend the five-year loan to National Media, which lost $8.7 million in its latest fiscal year. About $3.1 million will be used to pay off an existing loan and the rest will be working capital, National Media said. The loan comes less than two months after National Media's hiring of president Mark P. Hershhorn and the resignation of chairman John Turchi, who was succeeded by a board member, Brian McAdams.
July 19, 1990 |
John Innelli would not make an outright allegation, but the Democrat who is challenging U.S. Rep. Curt Weldon suggested this week that Weldon's influence led a Delaware County development agency to give a now-bankrupt clothing importer a $250,000 low-interest loan. Innelli offered no specific evidence but said there was a "presumption" of political influence because of the timing of events surrounding the loan, which was approved in 1985. Weldon's campaign treasurer and political ally, Brian Clymer, was a director of the firm.
March 15, 2013
An alert Delaware County teller noticed that a loan applicant resembled a suspect in a series of bank robberies. Acting on the tip, Upper Darby Township police say they identified Jermaine Coleman, 30, of the 5800 block of Warrington Avenue, Philadelphia, as a suspect in the robbery of three local banks between last Thursday and Monday. "He is considered armed and dangerous," said Michael Chitwood, the township police superintendent. Coleman handed over notes during the robbery in which he threatened to kill employees and blow up the banks, Chitwood added.