Maverick files to foreclose on $39M All Year Williamsburg loan
65 Kent Avenue in Williamsburg (Credit: Google)
Maverick Real Estate Partners filed a pre-foreclosure suit in Brooklyn State Supreme Court seeking to foreclose on a mortgage with a principal of $39.2 million secured by 65 Kent Avenue in Williamsburg and other properties, according to the complaint filed yesterday.
Court filings are the positions of one party and are not necessarily accurate or complete. All Year has not yet filed response papers.
Maverick acquired the loans in March 2021 from RWN Management and TNW Capital, a joint venture of Ran Eliasaf who owns Northwind Group and Joseph Tabak of Princeton Holdings. The Real Deal reported on the original loan in 2018.
This building was one of a 74-parcel portfolio that investor David Werner was planning to purchase from All Year, after signing a contract in 2020.
According to the complaint: The Borrower has defaulted under the Loan Documents by, among other things, (i) permitting the following encumbrances against the Property: (a) that certain Memorandum of Agreement dated as of March 5, 2020 and recorded in the Register’s Office on March 31, 2020 under CRFN: 2020000112553; (b) that certain Declaration of Restriction dated as of July 28, 2020 and recorded in the Register’s Office on August 17, 2020 under CRFN: 2020000231112; (c) that certain mechanic’s lien in the amount of $221,000.00 in favor of Big Apple Designers Inc. docketed January 5, 2021; (d) that certain lis pendens filed in connection with that certain pendiñg action in the Supreme Court of the State of New York, Kings County captioned DW Brooklyn 75 LLC v 101 Quincy LLC, et al. (Index No. 501321/2021); and (e) that certain judgment in the amount of $9,187,725.00 in favor of MAPCAP Funding LLC docketed February 8, 2021 (collectively, the “Encumbrance Defaults”); (ii) Borrower failed to pay the entirety of the indebtedness on or before the Maturity Date (the “Maturity Default”); and (iii) Borrower failed to provide proof of insurance naming Plaintiff as additional insured following Plaintiff’s request made by letter dated March 22, 2021 (the “Insurance Default” and together with the Encumbrance Default and Maturity Default, collectively, the “Stated Events of Default”).”