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Total funding amounts to $125.3M.
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Lender Sues Over Beacon Development
A lender filed a lawsuit in Dutchess County court this month demanding repayment of nearly $4.63 million from the developer of an incomplete Beacon housing project.
The suit, filed Feb. 4 by Insula Capital Group, alleges that Qele “Charlie” Qelaj, who is listed in a state database as the registered agent of Eliza Street LLC, failed to repay loans of $747,000 and $3,881,950 to construct The Mews at Beacon, a nine-unit condominium development at 53 Eliza St.
The project, which was approved by the Beacon Planning Board in 2019, would have loft-like condos in three buildings around a landscaped courtyard. A representative for the developer said in 2023 that construction was 70 percent complete and Qelaj was getting new financing. Last year the representative said Qelaj had approached a new lender.
Insula said in its complaint that Qelaj requested three extensions on the $747,000 loan, which was taken out in 2021. According to the legal filing, in 2022 Qelaj consolidated two other loans totaling $3.9 million.
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