Maverick files to foreclose on $13.3M debt secured by 35-unit LES rental

Maverick Real Estate Partners filed to foreclose on a loan with $13.3 million in unpaid principal secured by Niantic Partners’ rental building 157 Suffolk Street in the Lower East Side, according to a pre-foreclosure suit filed in New York State Supreme Court yesterday. The property is a 35-unit walk-up with 22,398 square feet of built space located about half a block south of East Houston Street.

Court filings are the positions of one party and are not necessarily accurate or complete.

The borrower is an affiliate of Niantic Partners which bought the building in 2012 for $18 million. At that time it obtained a $10.5 million acquisition loan which was increased to $14.7 million in debt from Santander Bank in 2016. Maverick bought the remaining debt on May 27, 2021, and in the suit alleges the unpaid principal is $13,328,501 and carries a 16 percent default interest rate. LINK