Dune Real Estate Partners has filed to foreclose on loans granted to the Alexico Group's Mark Hotel at 25 East 77th Street on the northwest corner at Madison Avenue by Anglo Irish Bank, according to public documents filed with in State Supreme Court last month, an article by Katherine Clarke yesterday at therealdeal.com noted.
The article said that Dune bought the loans earlier this year.
"Alexico's Simon Elias and Izak Senbahar pledged the hotel and co-op building as collateral for a total of five Mark Hotel-related loans, all of which are now in default, according to the public foreclosure filing dated June 9. The loans include a pre-development one totaling $14 million in 2006, a building loan mortgage totaling approximately $60.78 million, dated 2007, a project loan totaling around $22.7 million, a $17 million supplemental building loan and a $6.3 million supplemental loan mortgage. All of these debts are accompanied by unpaid interest, late charges, protective advances, service fees and attorney expenses," the article said.
Alexico initially wanted to sell 42 co-ops in the building but when the financial crisis hit, it changes its plans and wanted to create only 10 co-op apartments and 150 hotel rooms. The article said that as of March, only two of the co-op units had sold, and also in March Fillmore Capital Partners filed a $21.1 million suite alleged that Alexico had defaulted on a mezzanine loan at the hotel, "claims that the two developers guaranteed repayment of a $25.8 million mezzanine loan from Anglo Irish in 2006, which was then acquired by San Francisco-based Fillmore in May 2007."
The developers filed a $1 billion suit this year against the Anglo Irish, the article said, and in March, Dune Real Estate Partners agreed to pay $190 million for Anglo Irish's mortgage loan on the Mark.
The article said that Dune bought the loans earlier this year.
"Alexico's Simon Elias and Izak Senbahar pledged the hotel and co-op building as collateral for a total of five Mark Hotel-related loans, all of which are now in default, according to the public foreclosure filing dated June 9. The loans include a pre-development one totaling $14 million in 2006, a building loan mortgage totaling approximately $60.78 million, dated 2007, a project loan totaling around $22.7 million, a $17 million supplemental building loan and a $6.3 million supplemental loan mortgage. All of these debts are accompanied by unpaid interest, late charges, protective advances, service fees and attorney expenses," the article said.
Alexico initially wanted to sell 42 co-ops in the building but when the financial crisis hit, it changes its plans and wanted to create only 10 co-op apartments and 150 hotel rooms. The article said that as of March, only two of the co-op units had sold, and also in March Fillmore Capital Partners filed a $21.1 million suite alleged that Alexico had defaulted on a mezzanine loan at the hotel, "claims that the two developers guaranteed repayment of a $25.8 million mezzanine loan from Anglo Irish in 2006, which was then acquired by San Francisco-based Fillmore in May 2007."
The developers filed a $1 billion suit this year against the Anglo Irish, the article said, and in March, Dune Real Estate Partners agreed to pay $190 million for Anglo Irish's mortgage loan on the Mark.
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
6sqft delivers the latest on real estate, architecture, and design, straight from New York City.
