University Heights Association

Albany, NY: (Mar-28-07) A lawsuit stemming from a $14.8 million loan the Silverman Foundation made to the University Heights Association (UHA) to buy 31 acres, which included the former Christian Brothers Academy campus, reached settlement after a two-year legal battle. The suit disputed as to whether the money was a gift or a loan. The settlement reached includes UHA, which owed the Silverman Foundation $25 million in principal and interest on a loan, selling portions of UHA's 31-acre property now leased by Albany Law School and Albany College of Pharmacy repaying the foundation. The Silverman Foundation will get 13 acres of the property back, including the New Scotland Armory. [ALBANY BUSINESS JOURNAL: LOAN DISPUTE]

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Published on Apr-2-07