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 the loan in full, with a 0.5% interest rate, between June 1, 2017 and May 1, 2027. However, the lawsuit states that the defendants began falling behind and then missing these payments starting in 2019. The city is seeking nearly $6.1 million f
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Sec Filings
- 11/18/25 - Form 8-K
- 11/14/25 - Form SCHEDULE
- 11/14/25 - Form SCHEDULE
- GCI's page on the SEC website