Canton, Ohio sues developers of Hercules apartments for defaulting on $2 million loan.

From Yahoo Finance: 2025-03-26 12:01:00

The city of Canton, Ohio, is suing developers of Hercules apartments for defaulting on a $2 million loan approved in 2017. The developers used the loan to convert the former Hercules Motor Co. into 90 apartments. Individual defendants signed personal guarantees but began missing payments in 2019, leading to a lawsuit seeking $6.1 million. The first phase of the development opened in 2018, but a planned second phase has not started. The property is managed by Greystar and owned by Broadview Development Co. LLC.

Read more: Canton, Ohio, sues developer for $6M over unpaid loan