Posted at 11:33 a.m., Monday, December 9, 2002
Aloha Tower Marketplace seeks new loan
Advertiser Staff
The owner of Aloha Tower Marketplace has resumed efforts to borrow $700,000 to cover projected operating losses over a six-month period through April.Bankruptcy judge Robert Faris today approved an application for a partnership headed by Central Investment Holding Co. to make the loan. Terms have yet to be finalized, and marketplace owners could still finance projected shortfalls themselves instead of borrowing from Central Investment.
Apollo Real Estate Fund II, which owns 80 percent of the marketplace mortgage, earlier had refused to continue covering losses, which have totaled about $1.8 million this year through October, but since has reconsidered.
The marketplace has been in bankruptcy since January primarily because of a rent dispute with the state.
