Developer Peter Moore is facing a $4.7 million foreclosure suit after allegedly defaulting at a residential loft project at 465 Washington Street in Tribeca.
VFC Partners, an affiliate of Waco, Texas-based First City Servicing, filed suit Feb. 17 in New York State Supreme Court.
Moore’s predecessor, an entity called Washington Lofts, took out a $2.85 million loan at the building in 2004. By February 2006, Moore acquired the building from Washington Lofts for $6.5 million and agreed to pay the unpaid balance, according to the complaint. He currently owes about $2.5 million on the loan.
The developer planned to convert the upper floors of the five-story building into residential lofts, according to analysts and records obtained through PropertyShark.com.
Moore and investor Enrique Badulescu guaranteed repayment of the mortgage loan.
The lender alleges Moore failed to make monthly payments on the loan since October 2010, and currently owes $2.5 million in principal, interest, fees and other expenses.
Intervest, in June 2006, made a second loan to Moore for $2.235 million, and Peter Moore allegedly defaulted on that loan as well, the complaint states. He currently owes $2.16 million on the second loan, the complaint says.
Documents filed with the city Department of Finance show Moore received a loan extension from Intervest at the property in December 2009. By 2010, the loan was assigned from Intervest to an entity called VFC Partners, which city records link to First City Servicing.
Moore previously faced a separate lawsuit for $63 million in unpaid loans at 627 Greenwich Street, where he converted a 12-story former printer building into condos.
In addition, Moore faced a foreclosure suit in 2009 from Wells Fargo at 250 Bowery, which alleges he defaulted on $40 million in loans for a green hotel project.
Lawyers for VFC Partners and a Moore official declined to comment and Badulescu was not immediately available for comment.