Courts: Bluestone inks purchase option for defaulted $116M loan; 5 foreclosures totaling $19M

Bluestone inks purchase option for defaulted $116M loan: The Bluestone Group, through signatory Marc Mendelsohn, alleges Mack Real Estate Credit Strategies is charging too much in default interest, as Bluestone seeks to consummate the purchase of the defaulted loan that Mack as senior lender holds. Mack as senior lender and Bluestone as mezzanine lender in 2018 provided a $148 million refinance as the Commercial Observer reported at the time, to Robert Gans for a portfolio of commercial properties and strip club locations. The loan went into default, and Bluestone, through the inter creditor agreement, seeks to buy the loan. The current payoff is $147.16 million, according to the latest lawsuit.

Lawsuits are filed from the position of one side of a dispute and are not necessarily accurate or complete.

According to the suit: “After the filing of the First Action, Defendant [Mack] capitulated to the relief sought, and subsequently issued the required Purchase Option Notice on November 22, 2021. In turn, Plaintiff duly exercised its Purchase Option Rights under the ICA [inter creditor agreement] on December 21, 2021 to acquire Defendant’s senior mortgage loans, and funded the required (10%) deposit without prejudice to the issues raised herein… In this Second Action, the dispute evolved as to whether Defendant may recover compound interest as part of the Loan Purchase Price, although before the issue of compound interest became prominent…” The October 2021 Mack Real Estate foreclosure suit is here 850241/2021.

The new suit is here.

The properties include: 533 West 27th Street, 175 Spring Street, 616-624 11th Avenue and more. The Acris link is link

Lenders file file to foreclose on 5 loans totaling $19M: Lenders filed five lawsuits of $1 million or more on Friday against three ownership groups seeking to foreclose on five properties with original loan principals of $19.4 million. The pre-foreclosure cases included two brought by SKW Funding and Bain Capital through the entity SKW – B Acquisitions Seller C, LLC, against Thomas and George Makkos, for $4.8 million secured by 1475 First Avenue and for $4.2 million secured by 681 Ninth Avenue. A lending using the prefix DOF NPL filed two suits against Emmanuel Ku, one for $3.5 million secured by 270 West 153rd Street and the other for $2.1 million secured by 159 Graham Avenue. The fifth suit was brought by an affiliate of Roy Savelli against a property at 154 8th Avenue owned by a David Shemel entity, that had an original loan of $4.75 million. SKW Funding filed a series of suits the day earlier totaling $42 million against the Makkoses in Hudson Yards, which PincusCo reported on here.