Commerce Bank has filed a foreclosure action against the Alzheimer’s Foundation of Staten Island. DiMilia, another foundation official, said the group is awaiting about $1 million in city and state grants. In fact, the state Senate majority recently advised it will provide the group $250,000 in capital funds on behalf of state Sen. As a result, they said the litigation blindsided them, even though a bank lawyer advised shortly before the suit was filed that foreclosure proceedings would start if the group couldn’t show grant money was coming soon. He said the group applied for three separate grants, totaling $1 million to pay off the bridge loan and make a dent in the mortgage. read more

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