Business & Tech
Melius: No Imminent Default on $28M Loan But Special Servicer Requested
Oheka Castle owner says citybizlist.com report half true.
Oheka Castle owner Gary Melius disputed a recent which claimed a $28 million Oheka Castle was sent to a special servicer after going into imminent default.
"It's half right," said Melius. "It did go to a special servicer but it went at my request."
Melius told Patch he has never missed a payment on the loan which was securized in 2007 by Wells Fargo. In an attempt to restructure the loan, which comes due in August, Mellius said the bank required a transfer it to a special servicer.
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"I'm just trying to get a better deal," said Melius.
Citybizlist reported Wednesday that Melius is disputing a claim by Fitch that his property is near imminent default.
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The Huntington Town Board a rezoning request for the Residences at Oheka Castle development project for development of 18.38 acres of the 194-acre property in West Hills.
Mellius said the rezoning request and the loan situation are not related.
"I'm happy that they did it and the facts speak for themselves," said Melius. "Not one person spoke in opposition."
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