ST. LOUIS — A major lender to the Armory STL entertainment complex has filed suit against its developer on an unpaid loan and is seeking control of the massive facility that closed last month.
Editor's note: The above video aired on Sept. 25.
Peoples National Bank sued Armory developer Green Street on Friday in St. Louis County Circuit Court. Also named as defendants were Green Street principals Phil Hulse and Kevin Morrell.
The suit says the bank in March 2023 executed a loan with the defendants for the Armory project, which opened in December 2022 at 3660 Market St. as a partially completed bar and event venue.
The loan matured on Sept. 22 this year, the suit says, adding that the defendants haven't paid anything on the note.
More than $24 million is now due on the note, the suit claims, including $21.8 million in principal, $963,417 in interest and other fees.
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