Courts roundup: RFR hit with $15M foreclosure; iCross seeks to foreclose on Hello Living; Eli Karp sues Madison Realty

Courts roundup for Tuesday, June 8, 2021: There were no bankruptcies of interest and two commercial foreclosures of interest.

Please note that court filings are the positions of one party and are not necessarily accurate or complete.

$15M foreclosure filed at RFR’s Noho retail: The servicer for the bondholders of a $15 million loan secured by RFR Holding’s retail condo at 380 Lafayette Street in Noho sued to foreclose on the loan yesterday in New York State Supreme Court. This is the third foreclosure-type suit filed against Aby Rosen’s RFR since April. That month, lender Industrial and Commercial Bank of China sued RFR over a $270.1 million loan at 100 East 53rd Street, and Solil Management sued RFR over the ground lease at the Gramercy Park Hotel. LINK

At 380 Lafayette, RFR was close to losing the property in 2011 but restructured the $17.7 million loan that year, and in 2013 refinanced the condo with a a $15 million loan originated by Cantor Commercial and securitized.

An affiliate of Lily Guo’s iCross Capital sued Eli Karp of Hello Living over a $2.2 million loan with principal and interest and fees of $3.8 million. The loan was provided on 271 Lenox Road in Brooklyn. LINK

Eli Karp of Hello Living accuses Madison Realty Capital of improper lending in allegations detailed in the complaint. LINK