Deal, NJ - Yeshiva Fighting Off Foreclosure
Deal, NJ - Saying they are owed millions in unpaid loans, two banks have moved to foreclose on the main campuses of the Deal Yeshiva, a 300-student Jewish school once real estate investor Solomon Dwek.
But the yeshiva's lawyer said one of the lenders, Amboy National Bank, had agreed to issue the yeshiva a new $4.7 million, 18-month, interest-only balloon loan that will pay off the overdue loans.
The foreclosure lawsuits that were filed against the yeshiva, which has buildings in West Long Branch and Ocean Township, came after the nonprofit group in recent months stopped making payments on more than $5.3 million in loans, according to Amboy and the second bank, Sovereign Bank.
The new Amboy loan "will give them some breathing room to get their financial house in order and to get their contribution list back up.
Like any nonprofit they rely on contributions," said William F. Maderer, the yeshiva's lawyer. "They fully expect and anticipate their sources of income and contributions will allow them to move forward."
It is unclear why the yeshiva stopped paying the loans. Its assets are not under court control.
posted by VOS IZ NEIAS @ 8/30/2006 10:53:00 AM
6 Comments:
At 11:00 AM,
Anonymous said…
It hurts to say this, but the Yeshiva deserves to be closed down and re-opened under an ehrliche adminsitration, not one serving as a front for the shinanegans of some who engaged in criminal and dishonest real estate/check bouncing practices.
The Yeshiva has made a chilul hashem in the New Jersey area.
At 11:11 AM,
Anonymous said…
WHere are all the rich SY's to help out??
At 1:05 PM,
Anonymous said…
I will tell you where the SY's are.
They are smart enough to know to stay away from those engaged in dishonest practices that are affiliated with this Yeshiva. These criminal elements used the Yeshiva as nothing but a legitimate front to conduct their unethical business practices.
At 3:05 PM,
Anonymous said…
I'd like to thank Mr. Anonymous 11:00 and 1:05 for reminding me during Chodesh Elul just how grateful I should be that it is the RBS"O on whom I must rely for rachmanut and not on many of His creations.
One would have to assume that either a) Mr & Mrs Anonymous were so involved in the finances of the yeshiva that they can wholeheartedly condem the accused, in which case Mr & Mrs Anonymous were probably pretty dirty too or b) they are two of the people to whom Nevu'ah was given after it was taken from the nivi'im, in which case little attention should be paid to them and they will not be held responsible for thier words.
At 3:13 PM,
Anonymous said…
It was always my understanding that the founder, unlike his son, is a good and ehrliche rov and community leader who did a lot to reinforce Torah on the Jersey Shore. Sadly, it seems as if the apple fell far from the tree - or that the son just got in way over his head - and the problems started.
If that is the case, then Rabbi Dwek senior needs to remain in control, but with someone else overseeing the finances.
At 5:01 PM,
Anonymous said…
It's a very good school, and I hope nothing happens to it. I can't imagine such a vibrant school closing for lack of money.
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