Cirrus files pre-foreclosures on $187M debt at F&T’s Flushing holdings

Less than two months after Cirrus Real Estate Partners bought loans totaling just over $187 million secured by seven of F&T Group’s retail and garage properties in Flushing, Queens, the debt holder filed two pre-foreclosure cases alleging the loans were in maturity defaults. Cirrus filed two separate cases, one for $132 million secured by 37-12 Prince Street Unit F5 and Unit G5, 133-27 39th Avenue Unit P01 and Unit R01 and a garage and retail at 133-36 37th Avenue; and in the second for $55 million secured by 37-02 College Point Boulevard.

Many borrowers have struggled to refinance maturing debt as interest rates are typically higher than when the debt was originated, and in some cases the assets are also worth less. In some instanced the borrowers refinance the debt after entering foreclosure, and in other case they lose the property, or sell it through a deed-in-lieu of foreclosure.

PincusCo report earlier that Cirrus had purchased debt on F&T’s parking lot.

Court cases reflect the position of one party and are not necessarily accurate or complete.

$132M Case LINK

$55M Case LINK

In the larger case for the commercial condominium units, “Complaint, “On or about July 1, 2019, Plaintiff’s predecessor, Shanghai Commercial Bank Ltd., New York Branch, as agent (“Agent”) for itself as a lender and other co-lenders (collectively, “Lenders,” and together with Agent, “SCB”), agreed to lend to Borrower, Fulton SCG Development LLC (“Fulton SCG”), and Tangram House West Sponsor LLC (“Tangram House West Sponsor,” and together with Fulton SCG and Borrower, collectively, “Original Borrowers”) the principal sum of $163,000,000… On December 31, 2024, the Loan matured pursuant to the terms of the Loan Agreement… On or about September 30, 2025, SCB assigned to Plaintiff all of SCB’s right, title and interest in and to the Loan and the Loan Documents… As of October 30, 2025, the total amount due to Plaintiff under the terms of the Loan Documents was an amount not less than the principal amount of $132,343,574.10, plus accrued and unpaid interest “

In the smaller case, for a parking lot, “Complaint, “As of November 9, 2025, the total amount due to Plaintiff under the terms of the First Loan Documents was in an amount not less than the principal amount of $30,000,000… As of November 9, 2025, the total amount due to Plaintiff under the terms of the Second Loan Documents was in an amount not less than the principal amount of $25,000,000… Borrower breached the terms of the Loan Agreement, the First Note, and the Second Note by reason of its failure to pay the amounts due under each of the Notes upon their maturity on May 20, 2025…”

Direct link to the property’s ACRIS page
Direct link to the property’s ACRIS page