The Real Deal New York

Posts Tagged ‘mb financial bank’

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    From left: 100 South 4th Street (credit: PropertyShark) and 120 South 4th Street

    Two under-the-radar Brooklyn real estate developers are confronting more than
    $51 million in personal guaranty and foreclosure lawsuits on five separate loans
    doled out in Williamsburg and Greenpoint in 2006 and 2007.

    In the largest and most recent legal action, special servicer CWCapital Asset
    Management sued the developers, Menachem Stark and Israel Perlmutter, to
    recover $29 million lent in 2007 and secured by the seven-story, 74-unit rental
    building at 100 South 4th Street, between Berry Street and Bedford Avenue.

    In the CWCapital suit filed in U.S. District Court in Brooklyn June 28, the special
    servicer claims the pair personally owes the full $29 million because of a Chapter
    11 filing the pair entered in an effort to block a foreclosure proceeding in 2009…. [more]

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  • MB Financial Bank is moving forward with plans to foreclose on No. 22 Renwick, a new boutique condominium in Soho, according to a complaint filed in New York Supreme Court, Crain’s reported. The bank assumed the $19 million mortgage last year on the 12-story building at 22 Renwick Street, between Spring and Canal streets. According to the filing, the developers of the project, Orange Management and Helix Partners, owe MB Financial at least $21.7 million in loans, interest, late charges and other fees. The developers were sent a notice of default on the loan in May 2010. … [more]

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