The construction woes at what will be Newark’s tallest development in decades appear to be back again as new legal action has been filed against the company behind Halo over defaults on a loan agreement.
On February 18, a subsidiary of Parkview Financial filed a lawsuit against a subsidiary of Acier Holdings in Essex County Superior Court. The filing also names developers Dov Zabrowsky and Moshe Glatz individually in the case, which represents the latest chapter in an ongoing saga between the parties.
Work had stopped at the high-rise project back in 2024, a pause that stemmed from a lawsuit over “a series of safety concerns” from a neighboring property owner and a financial dispute.
Per TapInto, the owners of Halo had also sued Parkview Financial for allegedly failing to make scheduled disbursements totaling $40 million under terms of a $90 million loan deal.
The clash ended early last year, when Acier founding partner Moshe Glatzer and Parkview CEO Paul Rahimian each told NJ Advance Media they had come to an understanding that would restart work on the project.
But that’s where the new lawsuit comes in. The fresh case claims that in June 2025, Acier and Parkview entered into a Forbearance and Loan Modification Agreement that resolved the previous dispute by increasing the principal amount of the loan from $90 million to $95 million.
Following execution of the agreement, Parkview says in their case that they disbursed funds to remobilize the Halo construction over the course of several months. But problems started late last year, according to the lawsuit, when Parkview sent the developers a November letter outlining their Reservation of Rights Concerning Potential Event of Default.
Several other letters allegedly sent by Parkview informed the developers of Halo that they “have not satisfied multiple express conditions precedent to disbursement, including lien resolution or bonding and curing a loan imbalance.”
Follow-up letters additionally outlined how the developers failed to obtain and deliver lien releases and settlement agreements for all mechanics’ liens on the property.
Parkview argues in their lawsuit that the default from the Halo developers “constitutes an ‘Event of Termination’ of their Forbearance agreement, which would declare all sums under the amended note due immediately. The lawsuit claims that Acier Holdings would owe Parkview $92.6 million.
Besides breach of contract, Parkview is looking to be appointed a receiver of the Halo property and “take control of and operate, manage, and conserve the [property] and to complete the Improvements.” The lawsuit claims that the forbearance agreement gives them the right to do so in the event of the defaults outlined in the case.
Jersey Digs has reached out to both Parkview Financial and Acier Holdings regarding the lawsuit and have thus far received no response.
The new litigation throws another monkey wrench into Halo, which is envisioned to be a three-tower complex along the edge of Newark’s Downtown. The first 38-story high-rise is nearing completion and released new interior renderings last year, showcasing the planned amenities inside the building.
