Appellate courts to get DeChiaro, bank disputeThe battle...

COMMERCIAL REAL ESTATE

December 09, 1992|By Timothy J. Mullaney

Appellate courts to get DeChiaro, bank dispute

The battle between the DeChiaro family trusts and Provident Bank of Maryland is headed for the appellate courts, with a much bigger tussle with Maryland National Bank hanging in the balance.

Provident's appeal, filed late last week, challenges a Circuit Court ruling that family trusts established by patriarch Ralph DeChiaro wouldn't have to repay a $1 million loan Provident made in 1988.

Judge John F. Fader II found that Provident lent money to the trust knowing that it was to be used for private development projects of Mr. DeChiaro's son-in-law, Lawrence R. Rachuba, which did not benefit the trust. By law, trust assets can't be used as guarantees for transactions that don't benefit the trust.

Provident general counsel Robert L. Davis says the bank made a loan to DeChiaro L. P., a partnership that belonged to the trust. But he disputes that the bank knew the money was subject to restrictions of trust law.

"The core issue is, did Provident deal with the trust or the partnership?" he said.

Mr. Davis contends Judge Fader didn't make a clear finding of fact on the key issue, opening the way for appellate courts to consider the facts.

The DeChiaro family has a similar suit pending with Maryland National over approximately $20 million in loans.

Four local buildings named best of year

It's a cold market out there, but for four local buildings the climate will be warmer at the National Aquarium tonight as their ++ managers collect Building of the Year awards from the Building Owners and Managers Association of Metropolitan Baltimore.

The Candler Building on Market Place won the Downtown Competitive building category, and the Parkside Building in Columbia won the suburban award.

The awards don't honor good architecture or even leasing success -- they're based strictly on building management, safety and customer service.Indeed, the winners have had a mixed performance in the market. The Parkside Building, managed by the Rouse Co., is about 90 percent full, says Jeffrey B. Samet, a vice president of W. C. Pinkard & Co. in Baltimore. The Candler Building, managed by Beacon Management Co., is about 70 percent full.

The other two award winners: Meyerhoff Hall, in the special use ** category; and the Fidelity & Deposit Co. headquarters at 210 N. Charles St., the top single-user building.

"Anyone who gets this award can be proud that they've managed their property very well," said Eric Forshee, chairman of the 10-member selection committee.

The old Oak Street AME church at 2311 N. Howard St. would become an Indian cultural center next year, under a plan working its way through the city approval process.

India Forum wants to buy the church from the city and spend about $30,000 on renovations for the center.

The center would offer classes in Indian music, dance and languages to children mostly from the Indian community, and tutoring in math, science and reading to Indian and neighborhood children, said Prem Bhatt, president of the forum.

"We might get it early in the new year." Dr. Bhatt said. After that, "with all of us putting our shoulders together, we might be able to do [the renovations] in about three months."

Bill Toohey, a spokesman for the city's Department of Housing and Community Development, said the India Forum proposal was chosen in August over an offer from a car rental company to use the site for vehicle repairs.

Dr. Bhatt said the India Forum has offered music and dance classes for years in space it didn't own.

"The idea here again is to inform the Baltimore community about Indian culture and Indian handicrafts," he said.

RTKL to plan, design Atlantic City corridor

And you thought sprucing up Baltimore was hard? Consider the job that RTKL Associates Inc. is about to take on. They want to brighten up Atlantic City, N.J.

The Baltimore design firm has landed a $210,000 contract for planning, graphics, landscape architecture and urban design work for a proposed mixed-use corridor. The corridor will link the casino-glitzy but otherwise depressed Boardwalk to the neighborhood where a Convention Center is to be built.

New Jersey's Casino Reinvestment Development Authority plans to spend about $70 million in hopes of luring $300 to $400 million in private investment to the corridor, RTKL said.

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