Northwind Group files pre-foreclosure citing $17.7M debt in NoMad

The Northwind Group filed a pre-foreclosure action against the owner of a building divided into 12 condo units at 128 East 28th Street and the property at 109 East 29th Street in NoMad, Manhattan, which is the security for a loan with outstanding debt of just over $17.7 million.
The property owner, Prakash Sinha borrowed $27.3 million from Northwind Group in 2022, and the debt according to a 2022 filing had fallen to $23.8 million.
However, according to the pre-foreclosure filing, the borrower made no debt service payment in January.
Court filings represent the position of one party and are not necessarily accurate or complete.
According to the complaint, “As of January 5, 2023, there was due Principal in the amount of $17,712,349… Borrower failed to make the monthly Debt Service Payment for the month of January 2023, which failure constitutes an Event of Default under the Loan Documents. Borrower also failed to replenish the Interest and Servicing Fee Reserve and the Tax Reserve as required. By letter dated November 14, 2022, Lender notified Borrower of the Reserve Default and demanded that Borrower cure the Reserve Default by replenishing the reserves as required. Borrower failed to cure the Reserve Default as demanded and remains in default.” LINK

Direct link to the property’s ACRIS page and link to DOB NOW portal.