Maverick obtains order of foreclosure on Silvershore’s Brooklyn Heights rental with $2.6M loan

By Adam Pincus

Maverick Real Estate Partners, which on August 7, 2019 acquired the debt with a face value of $2.635 million on Silvershore Properties 16-unit 56 Pierrepont Street in Brooklyn Heights, won an order last month naming a referee that can order a foreclosure sale.

Maverick in September 2019, filed a suit in Brooklyn seeking to foreclosure on the property, with index number 520702/2019. On August 4, a Brooklyn state court justice ruled in favor of Maverick to foreclose on the loan and identified Jeffrey Schwartz as referee.

In a related action, yesterday, Jonathan Cohen, individually and on behalf of the ownership entity of 56 Pierrepont, Silvershore Properties 33, and also Silvershore Properties 30, filed a summons with notice against Silvershore investor David Shorenstein in Manhattan state court. No details were laid out in the summons, and no complaint has been filed as of September 22.

Silvershore bought 56 Pierrepont for $3.17 million in 2012, at the time borrowing $2.5 million from W Financial. Silvershore refinanced the loan with New York Community Bank in 2013, upping the debt to $2.635 million.

In April 2019, Frank T. Chiarello’s Green Assets acquired the loan from New York Community Bank. And then four months later, Maverick bought the debt from Chiarello, and started the foreclosure action.