Hello Living Developer Nostrand LLC, the owner of a residential building in a gentrifying Brooklyn neighborhood, sought Chapter 11 protection in New York on Tuesday after its lender tried to foreclose on the development.
- The debtor filed to stay foreclosure on a $3 million UCC mezzanine loan held by Madison Realty Capital LLC, according to a
statement by Eli Karp, manager of Hello Living- The loan is part of $53 million of disputed secured debt owed to Madison Realty, according to court papers
- Hello Living completed construction on the project, located at 1580 Nostrand Avenue in the Prospect Lefferts Gardens ...
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