A rejected request for a commercial construction loan is at the center of a dispute between a New York real estate development firm and Bethpage Federal Credit Union.
Liberty Meadows of Hauppauge, N.Y., and its managing members, Demetrius A. Tsunis and Enrico Scarda, filed a suit May 2 in the New York Supreme Court in Suffolk County, alleging breach of contract, fraud and negligent misrepresentation regarding a rejected loan from Bethpage to finance townhouse condominiums for senior citizens.
In the suit, the plaintiffs alleged that Bethpage committed to making a condo development loan, but the funding was not approved by the credit union's loan committee. Due to the rejection, the plaintiffs said they experienced financial losses because the project was put on hold for 15 months.
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