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The Billionaires’ Row condominium project, from Michael Stern’s JDS Development and Kevin Maloney’s Property Markets Group, recently saw a bid by a mezzanine lender to take over the project blocked by New York Supreme Court after the developers’ equity partner, Ambase Corporation, objected, as Commercial Observer reported last week. Ambase said it had been far too easy for the lender, Spruce Capital Partners, to take over the property, which is now, allegedly, in technical default.

Mezzy Business: Is Your Lender Looking To Take Over Your Project?

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Jeffrey J. Temple, co-chair of Morrison & Foerster’s U.S. Real Estate Group, describes how mezzanine loans are being utilized by lenders in the Commercial Observer article “Mezzy Business: Is Your Lender Looking To Take Over Your Project?”“A lot of mezzanine lenders in today’s market have both a debt platform and an equity platform, meaning they have experience not only lending money on mezzanine loans but also developing and owning properties,” he said. “So they take the view of saying, ‘Well, I’m not really looking to own the property, but if my borrower doesn’t do a good job and the property gets into trouble, I’d be just as happy taking it over.’”Read the <a href="https://commercialobserver.com/2017/08/mezzy-business-is-your-lender-looking-to-take-over-your-project/">full article</a>.