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Update: No Progress in LumberYard/Moody's Affair

Collingswood Mayor James Maley said the borough's made no progress in obtaining loans to purchase and rent LumberYard condos, nor has it gotten its credit downgrade altered.

Collingswood recently came under fire when Moody's Investor's Service issued it a , and met further adversity over by the LumberYard Condominium project.

To counteract, the borough submitted data to Moody's to try and get its . To offset debt, Collingswood announced it will seek a loan to purchase remaining, unsold LumberYard units. These , offering renters lease-purchase agreements. 

But as of this Tuesday, Sept. 27, Collingswood Mayor James Maley said no progress has been made in either instance. 

"There are no more specifics to report," said Maley, when asked if the was raised, or whether the borough secured a loan for the . "(The borough is having) regular discussions with banks and meeting with Moody's this week."

Maley said commissioners have not met since the last commission meeting, on Monday, Sept. 5, to deal with these issues. No special meeting has been called, he added.

Commissioners' next meeting will take place this Monday, Oct. 3, at 7 p.m. in the .


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