Toll says it held up its end. After the very first closing, the company invested considerable extra capital establishing the home, dealing with both parcels as a single project to build and offer property homes and facilities in Putnam County.
Then things fell apart.
The filing declares that Camarda– the sole director, officer, and investor of Hudson Valley Real Estate Corp., which is the sole member of Par 4– began conditioning the second closing on the resolution of his personal financial disputes with Jefferies LLC. Toll states it knew before signing the deal that Camarda had a personal loan from Jefferies, protected by his interests in real estate parcels consisting of the home at issue, which Jefferies held a home mortgage or similar interest on that home. According to the filing, Toll explained it would just get in the offer if those issues would not affect closing, and Camarda guaranteed Toll they would not.
By October 2025, that assurance had evaporated. The filing quotes Camarda composing to Toll: “At this moment I am no longer thinking about a one off partial settlement. After 2 discouraging years handling Jefferies and Mr Handler, I chose in late August to move away as quick as I can from any more negotiations with Jefferies.” Richard Handler is determined in the filing as the CEO of Jefferies, upon the plaintiff’s info and belief.
The sellers did not close on February 13, 2026. Toll sent a default notice demanding a remedy within thirty days. The sellers’ counsel acknowledged the missed closing and specified that closing without a contract with Richard Handler and Chris Papas– whom the filing describes as Camarda’s previous pals who purchased the seller– “would render the Seller insolvent.” A closing date of March 16, 2026– the last day of the treatment duration– was proposed, but the sellers’ counsel specified that his customer would “not sign the closing papers unless it has an agreement in place with its Lenders/Investors.” The closing never ever took place.