Federal National Mortgage Association v. Active Management Properties LLC

CourtDistrict Court, E.D. New York
DecidedMarch 14, 2025
Docket1:23-cv-09022
StatusUnknown

This text of Federal National Mortgage Association v. Active Management Properties LLC (Federal National Mortgage Association v. Active Management Properties LLC) is published on Counsel Stack Legal Research, covering District Court, E.D. New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Federal National Mortgage Association v. Active Management Properties LLC, (E.D.N.Y. 2025).

Opinion

UNITED STATES DISTRICT COURT EASTERN DISTRICT OF NEW YORK ------------------------------------------------------------------ x FEDERAL NATIONAL MORTGAGE : ASSOCIATION, : REPORT AND Plaintiff, : RECOMMENDATION : -against- : 23-cv-9022 (RPK)(PK) : ACTIVE MANAGEMENT PROPERTIES LLC, : ESTHER JACOBOWITZ, THE NEW YORK CITY : ENVIRONMENTAL CONTROL BOARD and : JOHN DOES #1 THROUGH JOHN DOE #6, : : Defendants. : : ------------------------------------------------------------------ x

Peggy Kuo, United States Magistrate Judge: Federal National Mortgage Association (“Plaintiff” or “Fannie Mae”) filed an action against Active Management Properties LLC (“Active Management”), Esther Jacobowitz (“Jacobowitz”), and the New York City Environmental Control Board (“ECB”) (together with Active Management and Jacobowitz, the “Defendants”)1 to foreclose a mortgage encumbering the property located at 1111 Willoughby Avenue, Brooklyn, New York 11237 (the “Property”). (Complaint (“Compl.”), Dkt. 1.) Before me on referral from the Honorable Rachel P. Kovner is Plaintiff’s Motion for Default Judgment of Foreclosure and Sale. (“Motion,” Dkt. 23.) For the reasons stated herein, I respectfully recommend that the Motion be granted in part. FACTUAL BACKGROUND I. Agreements Between the Parties On December 24, 2019, Active Management borrowed $805,000.00 from ICE Lender

1 Additionally, Plaintiff named “John Does #1 through John Doe #6” as defendants “because they are or may be tenants or may be in possession of the Property, or may be corporations or other entities or person who claim, or may claim, a lien against the Property”. (Compl. ¶ 72, Dkt. 1.) There is no indication that Defendants “John Does #1 through John Doe #6” were identified or served; thus, I respectfully recommend that they be dismissed from this case. See Fed. R. Civ. P. 4(m). Holdings LLC and executed a Commercial Promissory Note (the “Original Note”) in which the Active Management agreed to pay ICE Lender Holdings LLC, the holder of the Original Note, that amount plus interest. (Compl. ¶ 16.) Active Management simultaneously executed a Commercial Mortgage, Security Agreement and Fixture Filing (the “Original Mortgage Agreement”) mortgaging the Property for $805,000.00, which was subsequently recorded in the Office of the Registrar of the City of New York on January 15, 2020. (Id. at ¶¶ 17.)

On June 8, 2020, ICE Lender Holdings LLC assigned the Original Note to Victoria Capital Trust, who in turn assigned it to Greystone Servicing Company LLC (“Greystone”) on June 11, 2020. (Id. at ¶¶ 18-19.) On June 15, 2020, Active Management borrowed an additional $195,000.00 and executed a series of notes and agreements. It executed a Gap Multifamily Note (the “Gap Note”), agreeing to pay the holder of the Gap Note $195,000.00 plus interest. (Id. at ¶ 20.) It simultaneously executed a Gap Multifamily Mortgage, Assignment of Leases and Rents, Security Agreement, and Fixture Filing (the “Gap Mortgage Agreement”) mortgaging the Property for an additional $195,000.00. (Id. at ¶ 21.) The Original Note and Gap Note were then consolidated into a single Amended and Restated Multifamily Note (the “Note”) in which Active Management agreed to pay Greystone the full combined amount of $1,000,000.00 plus interest. (Id. at ¶ 23; Ex. A to Compl., Dkt. 1-3.) Active

Management also entered into a Multifamily Mortgage, Assignment of Leases and Rents, Security Agreement, and Fixture Filing (the “Mortgage Agreement”), supplanting the Original Mortgage Agreement and the Gap Mortgage Agreement, by which the Property remained mortgaged for the combined amount of $1,000,000.00. (Compl. ¶ 23; see Mortgage Agreement at Ex. B to Compl., Dkt. 1-4.) Active Management and Greystone additionally entered into a Multifamily Loan and Security Agreement (the “Loan Agreement”) under which Active Management agreed to make monthly repayments on the mortgage from August 2020 to July 2030. (Compl. ¶ 25; see Loan Agreement at Ex. C to Compl., Dkt. 1-5.) Jacobowitz executed a Guaranty of Non-Recourse Obligations to and for the benefit of Greystone (the “Guaranty”) guaranteeing personal liability for payment and performance of all amounts, obligations and liabilities due to Greystone as lender of the $1,000,000.00.

(Compl. ¶ 26; see Guaranty at Ex. D to Compl., Dkt. 1-6.) Collectively, the Note, the Loan Agreement, the Mortgage Agreement, the Guaranty, and all related attachments and assignments constitute the “Loan Documents.” Greystone contemporaneously assigned the Loan Documents to Fannie Mae. (Compl. ¶ 28; Ex. E to Compl., Dkt. 1-7.) Plaintiff alleges that Active Management defaulted under the Loan Documents by failing to make a required monthly payment on August 1, 2023 and by failing to make monthly payments over the following months, as required by the Loan Agreement. (See Compl. ¶¶ 25, 46-50.) Under Section 14.01(a)(1) of the Loan Agreement, failure by Active Management to pay or deposit any amounts owed under the Loan Documents constitutes an “Event of Default.” (Dkt. 1-5, at 74.) Plaintiff informed Active Management by letter (the “Demand Letter”) on October 26, 2023 that it was in default. (Compl. ¶ 52; see Demand Letter at Ex. G to Compl., Dkt. 1-9.) Active Management failed to cure the default.

As of January 31, 2024, Active Management owed Plaintiff a total outstanding sum of $1,098,160.52. (Memorandum of Law in Support of Plaintiff’s Motion (“Memo of Law”) at 13, Dkt 24.) II. Requirements Under the Loan Documents

The Loan Agreement provides that on the first day of the month for a period of 120 months commencing in August 2020 and ending in July 2030, Active Management is to make a fixed Monthly Debt Service Payment to Plaintiff as Greystone’s assignee and the current owner and holder of the Note. (Compl. ¶ 25; see Loan Agreement, Art. 2.01(a) at 2, Art. 2.02(a)(3) at 3, Sch. 2 at 3.) As stated supra, any failure on the part of Active Management to make these Monthly Debt Service Payments constitutes an “Event of Default.” (Compl. ¶ 40; see Loan Agreement, Art. 14.01(a)(1) at 74.) If an Event of Default has occurred and is continuing, Plaintiff, as the current lender under the Loan Documents, may, among other things, “declare the entire amount of the indebtedness

immediately due and payable, may institute judicial foreclosure proceedings, is entitled to the ex parte appointment of a receiver, and may invoke any other remedies permitted by the Loan Documents and New York law.” (Compl. ¶ 41; see Mortgage Agreement, §§ 3, 5 at 8, 11.) Plaintiff is also entitled to expenses in connection with the exercise of its rights and duties under the Mortgage Agreement and any other Loan Document. (Compl. ¶ 41; see Mortgage Agreement, § 5(d) at 12.) If unpaid amounts under the Loan Documents remain due for 30 days or more, the applicable rate of interest shall accrue from the payment due date at the “Default Rate.”2 (Compl. ¶¶ 42; see Loan Agreement, Art. 2.02(d) at 4 and Sch. 1 at 3.) If unpaid amounts under the Loan Documents are not paid within 10 days of the payment due date, Active Management is additionally required to pay a “Late Charge.”3 (Compl. ¶¶ 43; see Loan Agreement, Art. 2.02(c) at 3 and Sch. 1 at 7.) If an Event of Default has occurred and is continuing, Plaintiff shall be entitled to receive all rents as they become due and payable, including rents then due and unpaid. (Compl. ¶ 33; see Mortgage Agreement, § 3(c) at 8.)

Pursuant to the Mortgage Agreement, Active Management agreed to repay any “Enforcement Costs” which includes:

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Federal National Mortgage Association v. Active Management Properties LLC, Counsel Stack Legal Research, https://law.counselstack.com/opinion/federal-national-mortgage-association-v-active-management-properties-llc-nyed-2025.