Fitch Ratings downgraded another series of commercial real estate loans, driven in part by concerns that the troubled Riverton Houses apartment complex in Harlem would incur a “significant loss upon liquidation” based on a recent appraisal report. Wells Fargo, the trustee of the Riverton loan, filed a motion last month in New York State Supreme Court for a summary judgment against developer Laurence Gluck of Stellar Management, who defaulted on a $225 million loan and was thus far unable to arrange a workout with his lenders. Sources close to the case said a hearing is scheduled for tomorrow to determine whether to order a judgment against the developer. If such an order is issued, a referee would be appointed to determine the total amount due and what steps would be taken to place the property up for sale and collect on any personal guarantees. [more]