The syndicate filed a foreclosures motion on the property in March. Maybank declined to remark via a spokesperson. An lawyer representing El-Gamal’s Park Place Growth Major group didn’t return electronic mail searching for remark in regards to the summons.
Greater than a decade in the past, El-Gamal drew controversy with a proposal to construct an Islamic cultural heart and mosque on the positioning. In 2011 he shelved that plan, which detractors had labeled the “Ground Zero mosque.”
He as an alternative determined to construct a 667-foot apartment tower with financing from a consortium of worldwide lenders nonetheless desperate to again such tasks, whilst home banks had been retreating amid indicators that the town’s luxurious actual property market was changing into oversaturated.
On the time the challenge was introduced, El-Gamal stated in an announcement that the challenge obtained a senior building loan totaling $174 million from a syndicate that additionally included Warba Bank of Kuwait and Intesa Sanpaolo. A further $45 million in mezzanine financing was supplied by Masic, a Saudi funding firm.