By james art It just keeps getting worse for Abby Rosen and Michael Fuchsis RFR Holding with a judge ordering the owner to pay $18 million to one of the lenders.
Judge of the Supreme Court of the State of New York Anar Rathod Patel ordered the company to with disaster all over the mapto disburse the funds Daol Asset Managementthe lender on two of the mezzanine loans of 285 Madison Ave, according to court documents.
However, RFR appears to be keeping its cool following the summary judgment in the case.
“RFR remains committed to 285 Madison and looks forward to working with the dedicated servicer,” a company spokesperson said in a statement.
The story was first reported by Real Estate Bulletin The encouragement.
Daol provided a $120 million senior mezzanine loan and an $85 million junior mezzanine loan for the property, but went to court earlier this year after RFR defaulted on the debt in February, according to court records.
In addition to the mezzanine loan issues, RFR faced problems with its $222 million commercial mortgage-backed securities (CMBS) loan secured by the 530,000-square-foot 285 Madison and was granted a short-term extension in July.
The lawsuit came a month later Cooper Union made moves to terminate RFR’s land lease Chrysler Building and take control of the building at the end of September.
A legal dispute between the school and RFR has dragged things out at the New York landmark, with RFR accusing its landlord of ‘bad faith’ by refusing to renegotiate the terms.
Earlier in September, a $247.2 million CMBS loan for Stamford Plaza Portfolio in Connecticut went into special service after reaching its maturity date in 2024, This was reported by the Commercial Observer at the time.
It also faces foreclosure 475 Fifth Ave after defaulting on a $180 million loan tied to the 23-story office building in Augustas well as One Jackson Square in the West Village and 219 East 67th Streetwhere it defaulted on $22.4 million in loans around the same time.
Despite all the problems, RFR previously told CO that it plans to resolve all of its debt problems without having to sell its Tier 1 assets.
Mark Hallum can be found at [email protected].