Linked content is about a pre-foreclosure action^1 filed against Joe Sitt’s Thor Equities, by a special servicing unit of Barry Sternlicht’s Starwood Capital Group acting for CMBS bondholders.

The complaint alleges that the $105-million loan remains in default since 6 Aug. 2020, after “the occurrence of multiple defaults” prior to a modification of the loan agreement.

Further reading:^1

>11. On or about June 5, 2014, UBS Real Estate Securities Inc. (“Original Lender”) made a loan to Borrower in the original principal amount of $105,000,000 (the “Loan”).

>52. Following the occurrence of multiple defaults committed by Borrower under the Loan, Lender, Borrower, and Guarantor entered into a Loan Modification Agreement dated as of May 11, 2020 (the “Modification Agreement”) and effective as of April 6, 2020 (the “Effective Date”).

>62. Borrower failed to pay the full amount due under the Loan Agreement, the Modification Agreement, and the other Loan Documents on the August 6, 2020 Monthly Payment Date, and on each Monthly Payment Date thereafter (each, a “Payment Default,” and collectively, the “Payment Defaults”).

>71. Borrower has failed to pay the amounts due on the Loan in full and remains in default under the Note, Mortgage, Loan Agreement, Modification Agreement and the other Loan Documents.

^1 Complaint, filed 10 Feb. 2023, https://iapps.courts.state.ny.us/nyscef/ViewDocument?docIndex=wwUQtlrznFJUWGQfun/3IA==&TSPD_101_R0=08533cd43fab200066a2a223904670fc3e387ceed210ae85aa37a47b8180ee5223a889801c9aa65708c7c44af9143000fb8be8ebddce2c3215ba5ee47b632505e1b522ffdd1856b0e851bc470069650580ccc56c9bbd82ce7ab1b79d481d4be0