Page 14 - Nir Meir News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Ziel Feldman (right), Nir Meir and the XI (Illustration by Zach Meyer) “What’s the latest?” read the text that popped up on Nir Meir’s phone one Thursday afternoon in July. “Running out of time.” The message to the HFZ Capital Group managing principal was from Adam Gibbons, an executive at CIM Group. The lender was awaiting an overdue payment on $90 million of mezzanine debt it holds on four prewar Manhattan apartment buildings HFZ is converting to condominiums.  “On it,” Meir wrote back. “2 min.” Four hours later, a reference number popped up on Gibbons’ phone. It seem...

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 ...