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July 19, 2019Cart

Business

by Westchester County Business Journal
by WCBJ

Delaware LLC obtains property of Hampton Inn & Suites location in Yonkers

An aerial view of the Hampton Inn & Suites in Yonkers.

A Delaware limited liability company has obtained a deed to the property at 160 Corporate Blvd. in Yonkers occupied by the Hampton Inn & Suites. The amount shown on documents filed with the Westchester County Clerk’s Office was $35.8 million.

GSMS 2014-GC24 Corporate Drive LLC was identified as the new owner and having an address in care of LNR Partners LLC in Miami Beach.

Wells Fargo Bank NA, on behalf of a mortgage securities entity, had filed a lawsuit in state Supreme Court in June 2018 seeking to foreclose on a $25.8 million mortgage loan.

Named as defendants in the suit were FSG Yonkers Hotel LLC, Mark Stebbins, Joseph Lipari as the executor of the estate of Jay Furman, the Yonkers Industrial Development Agency, Colwen Management Inc., the People of the State of New York and “John Doe.”

Jay Furman, who died in 2015, was president of RD Management LLC, a privately held real estate development and management firm based in New York City. Stebbins was identified as CFO of hospitality management firm Colwen Management Inc. of Portsmouth, New Hampshire.

The Yonkers IDA, which provided tax breaks for the development, had provided a payment in lieu of taxes that in 2018 amounted to $458,150.

In the lawsuit, Wells Fargo was acting as a trustee to collect on a loan in the amount of $25,750,000, which had been issued through a billion-dollar mortgage pool co-led by Goldman, Sachs & Co., Cantor Fitzgerald & Co., Citigroup and Drexel Hamilton. The loan carried an interest rate of 4.8% per year and had a scheduled maturity date of 2024.The money used to make the loan had been raised by issuing asset-backed securities.

Despite the foreclosure, the hotel has continued to operate and reservations can be made through the Hilton website.

The hotel, which opened in 2009, is in the South Westchester Executive Park originally built by Robert Martin Co., then sold to Mack-Cali, and recently reacquired by Robert Martin. As of June 27, RD Management LLC still listed the hotel as among its portfolio of properties.