$17.6M pre-foreclosure filed on 28 units in Williamsburg

LNR Partners as the special servicer for the securitized loan CSAIL 2019-C16 filed a pre-foreclosure suit seeking to recover a $17.6 million loan secured by four adjacent properties in Williamsburg, at 12-18 Meserole Street. The guarantor on the loan was Devorah Lefkowitz, who was one of the developers on a project that converted an industrial building acquired in 2002 wth a transfer value of $900,000. Four buildings with 7 units each, for a total of 28 apartments, were developed in 2005. Starwood Capital provided the $17.9 million loan in 2019. The lender alleges the borrower defaulted in payments and in April 2021 the lender allegedly accelerated the loan and demanded full payment. LINK