The owners of Retro Fitness in Yonkers have been sued for allegedly defaulting on a taxpayer-funded loan.
Retro Fitness Funding Yonkers LLC is accusing the owners of the 66 Main St. club of missing payments on a loan with an outstanding principal of more than $104,000 as of Nov. 14.
According to court documents filed Nov. 20, health club owners Holly and Jason Wallman began missing monthly payments of $2,943.81 on Jan. 1.
The initial loan amount of $300,000 was secured by Retro Fitness Funding Yonkers from the Yonkers Economic Development Office, and in turn the money was loaned to the owners of the gym. The 10-year loan required payments on the first of every month beginning January 1, 2009.
The wording of the loan agreement allowed Retro Fitness Funding Yonkers to declare the full amount of unpaid principal and interest immediately due if the Wallmans missed a payment.
Retro Fitness Funding Yonkers is a company whose directors are similar to those of the company that built the apartment complex at 66 Main Street above the health club.
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