"Madison aims to work productively with borrowers. However, in this case, the borrower has refused to make good on his commitments for more than three years, leaving us with no choice but to enforce our rights and remedies."
In an email to TRD, Singer said that he still planned to move forward with developing the site "and will inform the court at the appropriate time."
He continued: "In the end, we believe even [Madison Realty Capital] will be happy. This will be a great asset for the community, which is highly desirable and in great need."
In her ruling, the judge stated "that Singer had failed to raise any material issues to dispute Madison Realty Capital's arguments, citing a 25-page response that lacked a table of contents and amounted to a 'rambling litany of defenses.'"