Stormfield files to foreclose on $16M at four M Development projects in Brooklyn

By Adam Pincus

The Connecticut-based lender Stormfield Capital Management filed four suits in Brooklyn State Supreme Court yesterday totaling $16.1 million against affiliates of M Development, the builder led by Rafi Manor.

The filings are allegations of debt and may or may not be accurate. Manor has not responded yet in court to the filings.

The largest package of loans was at 135 Bayard Street in Greenpoint, which totaled $4.77 million.

Other project included loans at 744 Lefferts Avenue in East Flatbush, which totaled $4.15 million and were originally provided by Genesis Capital in 2017. In October 2020, the debt was assigned to Stormfield. PincusCo first reported on that transfer last month.

The loans at 52 Herbert Street in Greenpoint totaled $3.2 million, which Goldman Sachs lent to the developer in 2018, after Genesis has provided original debt in 2017.
PincusCo reported on the assignment from Goldman Sachs to Stormfield in October 2020.

The loans at 517 Brooklyn Avenue in Wingate totaled $4.14 million and were provided by Genesis Capital in 2017, then ultimately assigned by Goldman Sachs to Stormfield in October 2020.