Santander Bank has filed suit in federal court seeking $4.6 million in back payments for loans used to build Campbell’s Field, home of the Camden Riversharks (independent; Atlantic League).
The lawsuit alleges that payments on the $7 million loan to build the ballpark in 1999 have stopped. The deal has been restructured since the ballpark’s opening; at one point a new deal set the Riversharks rent as repayment for the loan, but efforts by the Riversharks to restructure the loans again failed.
The lawsuit seeks a judgment of $4.6 million against CFDA Baseball, a subsidiary of Cooper’s Ferry Partnership, the nonprofit that oversees development along the city’s waterfront.
It requests an identical judgment against Camden Baseball LLC, owner of the Atlantic League Riversharks, as a guarantor of the loans.
A bank spokesperson could not be reached for comment. Representatives of the Riversharks and Cooper’s Ferry Partnership declined to comment on the lawsuit.
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