Lenders File $92 Million Lawsuit Over Newark's Halo Development

Parkview Financial claims Acier Holdings defaulted on loan agreement, threatening to derail ambitious three-tower project.

Published on Mar. 1, 2026

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A subsidiary of Parkview Financial has filed a $92 million lawsuit against the developers of Newark's Halo project, alleging they defaulted on a loan agreement that was meant to restart construction on the stalled high-rise development. The lawsuit claims Acier Holdings and its principals failed to meet several conditions of a forbearance agreement, leading Parkview to demand immediate repayment of the outstanding loan balance.

Why it matters

The Halo development is envisioned to be Newark's tallest project in decades, but the legal dispute between the lender and developers threatens to further delay or even derail the ambitious three-tower complex. The case highlights the financial challenges and complexities involved in large-scale urban redevelopment projects.

The details

According to the lawsuit, Parkview Financial and Acier Holdings entered into a $95 million loan agreement in June 2025 to resolve a previous dispute and restart Halo's construction. However, Parkview claims the developers failed to obtain lien releases, settle outstanding mechanics' liens, and cure a loan imbalance, leading the lender to declare the developers in default. Parkview is now seeking to be appointed a receiver to take control of the property and complete the project.

  • In 2024, work on the Halo project was paused due to a lawsuit over safety concerns and a financial dispute.
  • In early 2025, the owners of Halo and Parkview Financial reached an understanding to restart construction.
  • In June 2025, Parkview and Acier Holdings entered into a $95 million loan agreement to resolve the previous dispute.
  • In November 2025, Parkview sent letters to the developers outlining their failure to meet conditions of the forbearance agreement.
  • On February 18, 2026, Parkview Financial filed a $92 million lawsuit against Acier Holdings and the project's developers.

The players

Parkview Financial

A subsidiary of Parkview Financial filed the $92 million lawsuit against the developers of the Halo project in Newark.

Acier Holdings

The development company behind the Halo project in Newark, which is now facing a lawsuit from Parkview Financial over alleged defaults on a loan agreement.

Dov Zabrowsky

One of the individual developers named in the lawsuit filed by Parkview Financial against the Halo project.

Moshe Glatz

One of the individual developers named in the lawsuit filed by Parkview Financial against the Halo project.

Paul Rahimian

The CEO of Parkview Financial, who previously told NJ Advance Media that the company had reached an understanding with the Halo developers to restart construction.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

“Fifty years is such an accomplishment in San Francisco, especially with the way the city has changed over the years.”

— Gordon Edgar, grocery employee (Instagram)

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.