Developer Glassberg in default, bank says $1.72 million loan spurs suit

August 30, 1992

Maryland National Bank has filed a lawsuit against local developer Frederick W. Glassberg, seeking repayment of a $1.72 million loan that the bank says is in default.

According to court documents, Mr. Glassberg, president of Crystal Hill Investments, obtained the loan in May 1985 to buy the Harper's Farm Office Center in the 5900 block of Little Patuxent Parkway.

The bank claims that Mr. Glassberg had failed to make payments on the loan when they were due.

On Nov. 9, 1990, the bank says, it gave written notice to Mr. Glassberg that the loan was in default,

Maryland National foreclosed on the office building, and it was sold at a public auction April 7 for $630,000. The bank received $341,969 from the sale, according to the lawsuit.

Mr. Glassberg is liable for $1,111,948 of the unpaid principal and $16,496 in accrued interest, according to the bank.

The bank also is seeking $167,622 in attorneys' fees.

Mr. Glassberg and Maryland National Bank declined to comment on the lawsuit.

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