Premiere Athletic Club owners defaulted on $13M in loans

Premiere Athletic Club owners defaulted on $13M in loans.

An investor group is accusing a developer and owner of Premiere Athletic Club of defaulting on more than $13 million in loans.

The health club and its principal, developer Valerio Santucci, are accused of failing  to make mortgage payments from May through July last year under a 2008 loan  from Hudson Valley Bank. The mortgage was subsequently assigned to an investor group, which is citing language in the loan contract to demand full payment in  May 16 and 17 paperwork filed in state Supreme Court in White Plains.

Santucci and his company, V.S. Construction,  also are accused of failing to pay another loan by its June 1 maturity date.

ARS Investors II 2012-1 HVB LLC is asking the court to summarily award it $6.2 million for the mortgage and $1 million for a revolving line of credit loan, plus interest and other fees. The investor group also seeks $6.1 million for the unpaid mature loan.

The club at 2127 Albany Post Road  offers exercise, fitness, racquet sports, aquatics and a restaurant, among other services. Santucci did not respond to a request for comment at the club or at his construction business, which shares the same office but has a different phone number.

Santucci is a well-known developer and businessman. In 2009 he proposed an 84-unit Evergreen Manor in Cortlandt but never followed through with a site plan for the town’s Planning Board, according to that office on Tuesday.

According to Premiere Athletic Club’s website, Santucci’s family built the Cortlandt Racquet Club and its six tennis courts in 1972. Subsequent alterations included a gym, racquetball courts, pool and a restaurant, much of which was destroyed in a 1994 fire.An investor group is accusing a developer and owner of Premiere Athletic Club of defaulting on more than $13 million in loans.

The health club and its principal, developer Valerio Santucci, are accused of failing  to make mortgage payments from May through July last year under a 2008 loan  from Hudson Valley Bank. The mortgage was subsequently assigned to an investor group, which is citing language in the loan contract to demand full payment in  May 16 and 17 paperwork filed in state Supreme Court in White Plains.

Santucci and his company, V.S. Construction,  also are accused of failing to pay another loan by its June 1 maturity date.

ARS Investors II 2012-1 HVB LLC is asking the court to summarily award it $6.2 million for the mortgage and $1 million for a revolving line of credit loan, plus interest and other fees. The investor group also seeks $6.1 million for the unpaid mature loan.

The club at 2127 Albany Post Road  offers exercise, fitness, racquet sports, aquatics and a restaurant, among other services. Santucci did not respond to a request for comment at the club or at his construction business, which shares the same office but has a different phone number.

Santucci is a well-known developer and businessman. In 2009 he proposed an 84-unit Evergreen Manor in Cortlandt but never followed through with a site plan for the town’s Planning Board, according to that office on Tuesday.

According to Premiere Athletic Club’s website, Santucci’s family built the Cortlandt Racquet Club and its six tennis courts in 1972. Subsequent alterations included a gym, racquetball courts, pool and a restaurant, much of which was destroyed in a 1994 fire.An investor group is accusing a developer and owner of Premiere Athletic Club of defaulting on more than $13 million in loans.

The health club and its principal, developer Valerio Santucci, are accused of failing  to make mortgage payments from May through July last year under a 2008 loan  from Hudson Valley Bank. The mortgage was subsequently assigned to an investor group, which is citing language in the loan contract to demand full payment in  May 16 and 17 paperwork filed in state Supreme Court in White Plains.

Santucci and his company, V.S. Construction,  also are accused of failing to pay another loan by its June 1 maturity date.

ARS Investors II 2012-1 HVB LLC is asking the court to summarily award it $6.2 million for the mortgage and $1 million for a revolving line of credit loan, plus interest and other fees. The investor group also seeks $6.1 million for the unpaid mature loan.

The club at 2127 Albany Post Road  offers exercise, fitness, racquet sports, aquatics and a restaurant, among other services. Santucci did not respond to a request for comment at the club or at his construction business, which shares the same office but has a different phone number.

Santucci is a well-known developer and businessman. In 2009 he proposed an 84-unit Evergreen Manor in Cortlandt but never followed through with a site plan for the town’s Planning Board, according to that office on Tuesday.

According to Premiere Athletic Club’s website, Santucci’s family built the Cortlandt Racquet Club and its six tennis courts in 1972. Subsequent alterations included a gym, racquetball courts, pool and a restaurant, much of which was destroyed in a 1994 fire.An investor group is accusing a developer and owner of Premiere Athletic Club of defaulting on more than $13 million in loans.

The health club and its principal, developer Valerio Santucci, are accused of failing  to make mortgage payments from May through July last year under a 2008 loan  from Hudson Valley Bank. The mortgage was subsequently assigned to an investor group, which is citing language in the loan contract to demand full payment in  May 16 and 17 paperwork filed in state Supreme Court in White Plains.

Santucci and his company, V.S. Construction,  also are accused of failing to pay another loan by its June 1 maturity date.

ARS Investors II 2012-1 HVB LLC is asking the court to summarily award it $6.2 million for the mortgage and $1 million for a revolving line of credit loan, plus interest and other fees. The investor group also seeks $6.1 million for the unpaid mature loan.

The club at 2127 Albany Post Road  offers exercise, fitness, racquet sports, aquatics and a restaurant, among other services. Santucci did not respond to a request for comment at the club or at his construction business, which shares the same office but has a different phone number.

Santucci is a well-known developer and businessman. In 2009 he proposed an 84-unit Evergreen Manor in Cortlandt but never followed through with a site plan for the town’s Planning Board, according to that office on Tuesday.

According to Premiere Athletic Club’s website, Santucci’s family built the Cortlandt Racquet Club and its six tennis courts in 1972. Subsequent alterations included a gym, racquetball courts, pool and a restaurant, much of which was destroyed in a 1994 fire.