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Commerce Park Realty, LLC v. HR2-A Corp.

253 A.3d 1258 (2021)

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Commerce Park Realty, LLC v. HR2-A Corp.

Rhode Island Supreme Court
253 A.3d 1258 (2021)

Facts

Between 1997 and 2003, a group of Rhode Island-based borrowers, including Commerce Park Realty, LLC (plaintiffs) borrowed money from Massachusetts lenders HR2-A and HR4-A (defendants) to finance the construction of a mixed-use retail, dining, industrial, and residential development in Rhode Island. The various loans, which were executed in Rhode Island, exceeded $25 million and had interest rates of up to 34 percent per year. The property offered as security was located primarily in Rhode Island, with only a minority located in Massachusetts. In 2011, some of the debt remained outstanding, and the borrowers sued the lenders in Rhode Island state court, arguing that the loans violated Rhode Island’s usury statute, which capped permissible interest at 21 percent. The lenders argued that Rhode Island’s cap was inapplicable because choice-of-law provisions in the loan documents stated that the loans were governed by Massachusetts law. Massachusetts had no equivalent interest cap. The trial court concluded that Rhode Island law applied because applying Massachusetts law would violate Rhode Island’s fundamental public policy against usury. The lenders appealed.

Rule of Law

Issue

Holding and Reasoning (Long, J.)

Concurrence/Dissent (Robinson, J.)

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