A rendering of the Renwick

Nearly two years after defaulting at the Jasper condominium, Harch Group’s founder, Harry Jeremias, is facing a foreclosure lawsuit from U.S. Bancorp for allegedly defaulting on a $55.3 million loan to develop the Renwick condominium in Soho. U.S. Bancorp, in a Sept. 14 lawsuit filed in New York State Supreme Court, claims that it agreed in August 2007 to loan the money to Jeremias and Harch for the Renwick, a 44-unit condo at 15 Renwick Street, which stalled out.
The lender says that after advancing $24.1 million to Harch, the loan fell “out of balance,” meaning the outstanding balance of the loan was insufficient to complete the project; therefore, U.S. Bancorp demanded a $1 million to bring the loan back into balance, according to the complaint. [more]