CV Capital sues to foreclose on $12.3M loan secured by LIC, Flushing assets

An affiliate of CV Capital Funding filed a lawsuit in Queens County State Supreme Court to foreclose on a loan with an original principal of $12.3 million loan secured by commercial assets in Long Island City and Flushing.

Kevin S. Wang as signatory and guarantor of the loans, paid $6.75 million in 2015 paid for a parking garage condo unit at Prince Plaza at 37-20 Prince Street in Flushing, and then in October 2019 paid $10.3 million for a commercial building in 37-31 10th Street, in Long Island City, financed with a one-year loan covering both properties totaling $12.3 million. The lender CV Capital declared that loan in default in October 2020. In April 2021 there was a notice of a UCC sale of personal property of Kevin Wang. The parties have battled over the loan and properties in multiple suits filed this year, including 714973/2021, 653719/2021, 654192/2021, 720521/2021 and 723126/2021.
The CV Capital affiliate that filed the suit was IV-CVCF NEB I Trust. The Kevin Wang entities included Operr Plaza, LLC, Clean Air Car Service & Parking Branch Two, LLC.
New lawsuit LINK

Direct link to Acris document. link