Gluck says lender is blocking foreclosure

Developer Laurence Gluck
is trying to return Riverton Houses to its primary lender, Wells Fargo
Bank, but in a lawsuit alleges another lender is interfering with the
process. Gluck said in the lawsuit that Realty Finance is
demanding $5 million from Gluck to keep it from preventing him from
returning the property to Wells Fargo. The suit also said Realty
Finance threatened to sue Gluck if he returned the deed to Wells
Fargo. In February, Realty Finance called off a foreclosure auction of
Riverton Houses, and Wells Fargo filed a suit to force the complex into
foreclosure. Gluck is reportedly in negotiations with Wells Fargo to
remain the property’s manager.