Top Rock staves off Fifth Avenue foreclosure with Chapter 11 filing
Uri Mermelstein’s Top Rock Holdings appears to be making a last-ditch attempt to maintain control of its Midtown office-to-resi project. An entity tied to the office portion of 609 Fifth Avenue filed for Chapter 11 bankruptcy protection in federal court in Manhattan on Wednesday, one day before a scheduled UCC foreclosure auction on the equity interests in the office portion of the property. A bankruptcy halts a foreclosure. The identity of the mezzanine lender and the amount of the mezzanine debt are not known. The developer owes $71.8 million in senior debt, according to the UCC sale notice, which was […]
This article originally appeared on The Real Deal. Click here to read the full story.
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