Dune Real Estate Partners and The Mark Hotel

Wednesday, 13 July 2011 18:10

Hotel Real Estate News NYC

Dune Real Estate Partners has filed to foreclose on loans granted to the Alexico Group's Upper East Side Mark Hotel at 25 East 77th Street by Anglo Irish Bank, according to public documents filed with in State Supreme Court last month. 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 property has 150 hotel rooms and suites and 10 co-ops, according to data from Streeteasy.com. As of March, only two of the co-op units had sold.

This is just the latest in a string of unfortunate issues for the developers.

As The Real Deal previously reported, Fillmore Capital Partners filed a $21.1 million suit in March alleging that the two defaulted on a mezzanine loan at the hotel. The suit 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.

Source: http://therealdeal.com/newyork/articles/dune-files-to-foreclose-on-mark-hotel-loans

Earlier Story About The Mark Hotel