HFZ Capital Group Saved From Upper East Side Foreclosures
Latisha Thompson, an attorney with Morrison Cohen who represents HFZ, said there is currently no date or timeline for when a new foreclosure sale will occur. The sale could have allowed either CIM or a new investor to ultimately take control of the four condo conversion projects: 88-90 Lexington Avenue, The Astor at 235 West 75th Street, and Fifty Third and Eighth at 301 West 53rd Street. CIM held four junior mezzanine loans with a balance of $89.5 million that had equity interests in the four condo projects. HFZ and its lender had been negotiating loan modifications over the summer, but the ...
Source: therealdeal.com