A Brooklyn homeowner who was trying to avoid foreclosure on a large portfolio of apartments has just secured funding to save 10 of these properties in Williamsburg and Carroll Gardens. But the debt came at a cost.
Chaskil Strulovich received a loan package for one year in the amount of $ 16.5 million for refinancing 10 of 31 apartment buildings in BrooklynThis was announced by a source familiar with the loan.
New York-based Maguire Capital closed the loan last week, but work has been under way since May, according to a document the lender filed with federal bankruptcy court in White Plains. According to the loan documents, the minimum interest rate on a loan is 10.5 percent, which is almost three times higher than for a regular multi-family loan.
Funding relates to eight residential developments in Williamsburg at 130 South Second Street, 318 Bedford Ave, 740 Driggs Avenue, 178 Meserole Street, 180 Meserole Street, 182 Meserole Street, 440 Lorimer Street, and 342 Rodney Street. The other two in Carroll Gardens are located at 144 Huntington Street and 68 Carroll Street.
Strulovich had problems with the law back in 2017.
In the same year, Maverick Real Estate Partners bought out $ 40 million in loans from Signature Bank related to Strulovich’s 31-building portfolio. Maverick initiated the foreclosure within 6 months, arguing that the landlord defaulted in part because he was not the sole owner of the property.
Around the same time, a group of Israeli investors claimed that Strulovich and his partners lured them out of $ 20 million according to the scheme, made “in the style of Bernie Madoff.” The investors claimed that they had invested in 20 properties owned by Strulovich and his business partners, who then illegally borrowed these assets, many times higher than their value, in order to purchase additional properties.
This case is now in arbitration.
Strulovich’s lawyers did not respond to requests for comment.
In 2019, companies associated with Strulovich filed for bankruptcy…
And earlier this year, a federal bankruptcy judge in White Plains ruled that Maverick had improperly expedited a loan on a portfolio of Brooklyn apartments. This stopped foreclosure and allowed Strulovich to restructure part of his debt. Maverick will appeal this decision.
According to bankruptcy filings, 10 properties in Brooklyn were refinanced, 13 were put up for auction. The sale is handled by Greg Corbin and Aaron Youngreis of Rosewood Realty Group. Corbyn said Monday that the sale is likely to take place in October and said they are working on selecting a bidder for the “chasing horse.”
Maverick’s lawyer declined to comment, while Maguire did not comment.