Stobba Residential Assoc. v. FS Rialto

CourtSuperior Court of Pennsylvania
DecidedDecember 11, 2023
Docket487 EDA 2023
StatusUnpublished

This text of Stobba Residential Assoc. v. FS Rialto (Stobba Residential Assoc. v. FS Rialto) is published on Counsel Stack Legal Research, covering Superior Court of Pennsylvania primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Stobba Residential Assoc. v. FS Rialto, (Pa. Ct. App. 2023).

Opinion

J-S25033-23

NON-PRECEDENTIAL DECISION - SEE SUPERIOR COURT OP 65.37

STOBBA RESIDENTIAL ASSOCIATES, : IN THE SUPERIOR COURT OF L.P. AND STOBBA ASSOCIATES, L.P. : PENNSYLVANIA : Appellants : : : v. : : : No. 487 EDA 2023 FS RIALTO 2019-FL 1 HOLDER, LLC : AND RIALTO CAPITAL ADVISORS, : LLC :

Appeal from the Order Entered February 7, 2023 In the Court of Common Pleas of Philadelphia County Civil Division at No(s): 210602543

BEFORE: NICHOLS, J., MURRAY, J., and McCAFFERY, J.

MEMORANDUM BY McCAFFERY, J.: FILED DECEMBER 11, 2023

Stobba Residential Associates, L.P. and Stobba Associates, L.P.

(collectively Borrower) appeal from the order entered in the Philadelphia

County Court of Common Pleas granting summary judgment in favor of FS

Rialto 2019-FL 1 Holder, LLC and Rialto Capital Advisors, LLC (collectively

Lender), in this action seeking damages for, inter alia, breach of contract in

connection with a mortgage loan. On appeal, Borrower argues the trial court

erred or abused its discretion in granting summary judgment to Lender when

there are genuine issues of material fact concerning whether Lender breached

a duty of good faith by failing to respond to Borrower’s forbearance request,

whether Lender committed a material breach of the Loan Agreement by

instituting a money judgment action, and whether Lender tortiously interfered J-S25033-23

with Borrower’s contract with a third-party lessee. Borrower also contends

the trial court erred in granting summary judgment on its declaratory

judgment claim, which was contingent on the other claims. For the reasons

below, we affirm.

The relevant facts underlying this appeal are aptly summarized by the

trial court as follows:

On August 2, 2019, Lender’s predecessor in interest FS Creit Originator LLC made a loan to Borrower in the amount of $24,250,000. The Loan is evidenced by a Loan Agreement (“The Loan Agreement”) and a Promissory Note (the “Note”) and is secured by an Open-End Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (“Mortgage”). Borrower also executed a Deposit Account Control Agreement (the “DACA”).

The Loan Agreement requires Borrower to make monthly payment to Lender on each payment date. The Loan Agreement provides that an “Event of Default” occurs if, “any portion of the Debt is not paid on or before the date the same is due and payable.”

Borrower granted Lender a security interest in the Property defined to include specific units within Headhouse Flats and Abbots Square developments in Philadelphia, and all Leases and Rents in connection with the Property. To protect the security interest in the Property, Borrower is required to have all tenants deposit rents into the DACA Account at Wells Fargo. The contents of DACA are to be disbursed into the Cash Management Account at Wells Fargo daily.

Borrower has not made any payments on the Loan since December 2020. Additionally, the Loan matured on August 9, 2022[,] and Borrower has not paid the Loan in full. Borrower contends its performance under the Loan Agreement is excused due to Lender’s pre occurring breaches.

-2- J-S25033-23

Pending Lawsuits

On May 21, 2021, Lender commenced an action alleging breach of contract against Borrower. Lender alleges that Borrower breached the Loan Agreement by failing to make the required monthly payments, failing to provide financial reporting and misrepresenting the status of tenant leases at the Property. Borrower filed an Answer with New Matter and Counterclaims.

In June 2021, Lender filed a Petition to Appoint a Receiver. The [trial c]ourt denied the Petition to Appoint a Receiver but ordered Borrower to provide Lender and the Court with certain records and required that Borrower instruct the tenants to pay rent as required by the Loan Agreement. The Order has been appealed to the Pennsylvania Superior Court by Borrower and Lender.[1]

Lender also filed an action to Confess Judgment against the Guarantor Eric Blumenfeld, which is currently stayed pending the resolution of the Lender Action and this action. Additionally, Lender filed a Mortgage Foreclosure action against Borrower.

The Giant Lease

On March 9, 2016, Fresh Formats, LLC (“Fresh Formats”) entered into a Lease with Borrower for commercial space at Abbotts Square to operate a “Bfresh” Market. The Fresh Formats’ Lease was assigned to Giant Food Stores, LLC (“Giant”) on December 31, 2017. Giant agreed to accept the premises “as is” and began paying rent to Borrower.

____________________________________________

1 Both Lender and Borrower appealed, and on March 1, 2023, a panel of this

Court vacated the trial court’s order and remanded for further proceedings. See SKW-B Acquisitions Seller C, LLC v. Stobba Residential Assocs., L.P., 73 EDA 2022 & 101 EDA 2022 (unpub. memo. at 2) (Pa. Super. Mar. 1, 2023). First, the panel vacated the trial court’s decision to grant alternate relief to Lender because Lender only requested “an order for a receivership[;]” thus, the panel concluded there was “no proper foundation in the record for alternative relief.” Id. at 12. With regard to Lender’s request for the appointment of a receiver, the panel determined the trial court did not properly consider “whether appointment of a receiver is warranted under common law.” Id. at 17. Accordingly, the panel remanded the matter for further proceedings. See id.

-3- J-S25033-23

In December 2019, Giant began to fit the space for use as a grocery store and discovered the leased space was not serviced by 277/480-volt, 800 amp electric, the electric service Giant required for its purposes. In March 2020, due to the COVID 19 Pandemic, the City of Philadelphia and the Commonwealth of Pennsylvania issued orders shutting down Giant’s fitting out of the space. Additionally, construction stalled because PECO required the entire building be converted to High Tension Service to accommodate Giant’s electric needs.

On August 31, 2020, Giant issued a notice of default to Borrower because Borrower failed to provide Giant with 277/480- volt, 800 amp electric service. On November 20, 2020, Giant stopped paying rent to Borrower and on December 23, 2020, Giant filed a lawsuit against Borrower in the Eastern District of Pennsylvania alleging breach of the Lease.

On February 18, 2021, during an email exchange between Borrower and Lender, Borrower provided an update to Lender regarding the Giant electric issue including the lawsuit filed by Giant against Borrower. At Lender’s request, Borrower provided Lender with documents including its engineering report, Giant’s default letter, engineering drawings and the Lease. Thereafter, the following emails were exchanged between Lender and Borrower regarding the Giant issue:

─ On March 1, 2021, Lender emailed Borrower as follows: “we [Lender] have some contacts at Giant that we have worked with a lot in the past. Do you mind if we [Lender] reach out to them to discuss their thoughts on what’s going on here?[”]

─ On March 1, 2021, Borrower responded, “. . . if you feel that a conversation between Rialto [Lender] and Giant will be helpful then please do so . . . I hope the conversation is fruitful.”

─ On March 2, 2021, Lender sent an email to Giant stating in part, “. . . We [Lender] are involved in this deal as the lender and understand that there is a little bit of a disconnect regarding the delivery of the specific electrical service that you require, so we wanted to quickly touch base[ ] with you on this. Might you have some time this week for a quick call?”

-4- J-S25033-23

─ On March 4, 2021[,] 10:36 a.m., after having received no response from Giant to the March 2, 2021 email, Lender sent a follow up email.

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Cite This Page — Counsel Stack

Bluebook (online)
Stobba Residential Assoc. v. FS Rialto, Counsel Stack Legal Research, https://law.counselstack.com/opinion/stobba-residential-assoc-v-fs-rialto-pasuperct-2023.