A new loan for $3.5 million was approved today for completion of the stalled Admiral's Walk waterfront condominium project.
U.S. Bankruptcy Court Judge John W. Creahan approved the new financing from Marine Midland Bank during a late-morning court session.
Construction of the 11-story project was halted in May when Marine Midland foreclosed on loans to the developers of the project.
On May 10, creditors filed papers to force the developers, Admiral's Walk Inc., into bankruptcy. Creahan noted today that the developers still owe Marine Midland more than $6 million from an earlier loan, plus about $3.8 million more in mechanics' liens owed to 40 subcontractors who did work on the building.
Although no timetable for the completion of construction has been set, Bankruptcy Court Trustee Jack L. Getman said the work would be resumed as soon as possible. The building is about 80 percent complete.