Prana Investments’ NYC multifamily portfolio faces 14 foreclosure lawsuits
Prana Investments‘ bet on rent-stabilized properties in New York City is turning into a disaster. The San Francisco-based firm faces at least 14 foreclosure lawsuits against its 550-unit multifamily portfolio in the Bronx and Upper Manhattan. Three lenders filed lawsuits in New York State courts in the past four months, alleging that Prana’s entities owe over $56.6 million in unpaid loans and interest. Peapack Private Bank and Trust initiated the most recent foreclosure actions against Prana. The lender alleged in four lawsuits filed in June that Prana defaulted on loans tied to four multifamily properties in the Bronx: 3021 Holland […]
This article originally appeared on The Real Deal. Click here to read the full story.
Categories
Recent Posts
New York City halts office-to-resi conversion at 222
Broadway
DOJ launches criminal investigation into camps owner Simad
Holdings, David and Michael Shabsels
Deal Diary: 9 Years, 39 Doors, and $20K a Month in Cash
Flow—Here’s How Jefferson Simmons Built His Portfolio
One Rental Property Saved Me From My 100-Hour
Workweeks
The “Repeatable” Strategy That Helped Him Buy 6 Rentals in 6
Months (Working 9-5)
Cash Flow vs. Appreciation: What Should Beginners Focus on?
(Rookie Reply)
6 Reasons Why Buyers Walk Away After Touring a Home
Location vs Property Size: What Matters More When Buying a
Home?
Low-Maintenance Living: Top Features That Make a Home Easier
to Maintain
Rybak bucks 485x slump with 500-unit Coney Island
development
