All Year Management is in some new trouble.
The company’s prime rental property is already scheduled for a Uniform Commercial Code foreclosure sale in February. Now, All Year is also in default on its $170 million mortgage, according to the Commercial Observer.
The second phase of the 750-unit rental complex, named Denizen Bushwick, faces foreclosure on the mezzanine interest because All Year, led by Yoel Goldman, failed to make payments on a $65 million mezzanine loan from Mack Real Estate.
JPMorgan Chase, the senior lender on the property, claims that the developer has been in technical default since November 2019, even though All Year has continued to pay on time, because of a variety of administrative issues, such as an excess of mechanic’s liens, lack of reserves and missing reporting, according to TASE documents filed Sunday. Since then, All Year has accrued $9.3 million in interest.
JLL will market the property on behalf of Mack. The foreclosure sale is scheduled for Feb. 5.
[Commercial Observer] — Sasha Jones