Courts roundup: Rialto sues DDG for $18.5M; ACRES seeks $22M at Waterfall Mansion

Courts roundup for Tuesday, May 5, 2021: There were no bankruptcies of interest and two commercial foreclosures, both less than $2 million each. There were two large commercial foreclosures that we did not cover previously, filed on May 1 and May 4, reported below.

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

Rialto sues DDG in pre-foreclosure for $18.5M loan: Rialto Capital Advisors filed a suit May 4, 2021, seeking to foreclose on a loan with an original principal of $18.5 million secured by DDG Partners’ two commercial condominium units at 345 West 14th Street in Chelsea. The mixed-use residential and retail building was issued its initial temporary certificate of occupancy in April 2013. Goldman Sachs originated the $18.5 million loan in 2016, and Rialto bought it in October 2020. LINK

ACRES Commercial sues Waterfall Mansion owners for $22.2M in debt: The lender ACRES Commercial Realty filed a suit May 1, 2021, seeking the repayment of $22.2 million in debt lent to the owners of the Waterfall Mansion at 170 East 80th Street on the Upper East Side. The owners are affiliates of the Kateshin Gallery, which occupies the building.  LINK