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ew Jersey investor Shaya Prager is facing a fresh wave of financial trouble, with Connecticut-based Webster Bank suing him and his wife over defaulted loans totaling $153 million. The bank claims the pair failed to repay $62 million on a loan secured by ground leases at American Metro Center in Hamilton, New Jersey, and another $91 million on a loan backed by ground leases at 300-600 Campus Drive in Florham Park, New Jersey.

    Webster Bank's lawsuits highlight Prager's business model, which involves purchasing properties, leasing the buildings to affiliated entities, and then taking out loans against both the land and the lease. This arrangement has raised concerns among lenders, who see it as a high-risk strategy with little skin in the game for the borrower. Prager is already facing foreclosure on several other properties, including two Minneapolis office towers and a Chicago-area complex.

    In addition to his financial woes, Prager is also embroiled in a lawsuit over allegations of mortgage fraud related to a Texas property, Burnett Plaza. A trial is set for July. Meanwhile, preferred equity investors are suing him for $10 million in unpaid returns on three properties, with Prager counterclaiming that the investors' managing member embezzled the funds.