Lender seeks to foreclose on JTRE Soho property with $18.5M loan
63 Spring Street (Credit: Google)
Bondholders through the special servicer LNR Partners filed a lawsuit seeking to foreclose on a loan with an original principal of $18.5 million secured by JTRE’s 63 Spring Lafayette, LLC, which owns 63 Spring Street, a five-story mixed-use building with a total of 5,140 square feet, four residential units and two commercial units.
The triangle-shaped lot is on the corner of Spring Street and Lafayette Street in Soho.
Court filings are the positions of one party, and are not necessarily accurate or complete. JTRE did not immediately respond to a request for comment. The firm has not yet filed response papers.
According to the complaint, “Beginning with the Payment Date for April 2020, Borrower failed to pay to Lender within five days or at any other time the Monthly Payments and the Escrow Deposits required by the Loan Agreement. Borrower’s failure to make the required monthly payments constitutes an Event of Default under the Loan Documents. As of January 1, 2022, there was due and owing on the Loan without defense, deduction, offset, recoupment or counterclaim the total amount of $25,431,320.42, itemized as follows…”
Terzi with a partner bought the building in 2014 for $15 million, and then Terzi in 2017 bought out partner Arba Group for $10.5 million, and then in 2019 upped the debt to $18.5 million.