21 Turtle Creek Square, Ltd. v. New York State Teachers' Retirement System

INGRAHAM, Circuit Judge:

21 Turtle Creek Square, Ltd., (21), plaintiff below and appellant herein, is a Texas limited partnership. This entity was formed for the purpose of owning, developing and operating a high rise apartment complex in Dallas, Texas. Appellee, New York State Teachers’ Retirement System (Teachers), is a body corporate organized and existing under the Education Laws of New York.

In order to finance construction, 21 obtained a loan from Teachers in 1962 in the amount of $9,910,900.00, said loan being insured by the Federal Housing Administration under the National Housing Act…