Judge green-lights mezzanine foreclosure of Hidrock’s Midtown hotel project

New York state’s coronavirus foreclosure ban does not apply to mezzanine loans, a judge has ruled, putting to rest a question that has raised concern in the commercial lending world in recent weeks. New York Supreme Court Judge Frank Nervo vacated a temporary restraining order that had prevented Henry Silverman’s 54 Madison Partners from holding a foreclosure auction for its equity interest in Hidrock Properties’ 161-key hotel project at 12 East 48th Street. Mezzanine loan

source https://therealdeal.com/2020/05/19/judge-green-lights-mezzanine-foreclosure-of-hidrocks-midtown-hotel-project/