Courts roundup: Maverick acquires $21M+ notes, SKW’s $5.2M UES pre-foreclosure, more

Courts and litigation roundup covering filings on Tuesday, February 16:

There were no new real estate-related bankruptcy filings.

Loan distress: Aron Rosenberg as plaintiff-landlord claims Signature Bank without forewarning accelerated loans on two commercial buildings and sold the notes to Maverick Real Estate Partners, and Rosenberg is seeking to enforce an alleged prior forbearance agreement. The two commercial properties are 32 West 39th Street and 28 West 36th Street with, that, according to Rosenberg,  have $20.8 million outstanding on first mortgage loans. The suit claims Covid has reduced rent collection and Signature entered into forbearance agreements. Signature accelerated the loans in January, citing $22.4 million owned, and sold them to Maverick. The sales have not yet been recorded in Acris. LINK

Commercial foreclosure: Toorak Capital Partners filed to foreclose on a $755,000 loan secured by 844 Herkimer Street, Brooklyn. LINK

Commercial foreclosure: Maverick Real Estate Partners filed to foreclose on the $3.6 million loan secured by 416 West 25th Street in Manhattan. Maverick acquired the loan from Peapack-Gladstone Bank in 2018. LINK

Commercial foreclosure: SKW Funding filed to foreclose on a $5.2 million loan. SKW bought the debt from Bethpage Federal Credit Union in December 2020.  LINK

Property distress: Tenant-plaintiff, the bank Sterling National Bank, alleges a 25,800-square-foot commercial building at 30-33 Stratton Street, Flushing, is in an unsafe condition. The bank has been a tenant since signing a lease in 1973. “All or a significant portion of the property has become and remains unsafe, unpleasant and unusable.” LINK

Property control dispute: Plaintiff Gadi Ben-Hamo seeks a judgment that “declares David Arad is not the sole, exclusive manager,” of 4001 Boston Road and 3639 Dyre Avenue in the Bronx, which together secure a loan of $10.28 million from Dime Community Bank. LINK