Canton, Ohio, sues developer for $6M over unpaid loan [Yahoo! Finance]
Gannett Co., Inc. (GCI)
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Source: Yahoo! Finance
The city of Canton, Ohio, has sued the developers of the Hercules apartments in Canton for allegedly failing to make payments on a $2 million loan the city approved in 2017, according to a complaint filed in the Stark County Common Pleas Court. The lawsuit, filed on Feb. 6, states that developer Historic Hercules LLC and four individuals — Robert Timken, Andrew Goldman, Marshall Belden Jr. and Samuel Polakoff — used the loan to convert the former Hercules Motor Co. into 90 apartments. Each of the individual defendants had signed personal guarantees on the loan, according to court documents. A lawyer for the defendants did not respond to a request for comment from Multifamily Dive. The developers had made promissory agreements to pay off
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