Year round Holdings Limited will sell its Brooklyn residential complex, Denizen bushwick, To Atlas Capital Group for $ 506 million in cash in an agreement expected to be concluded this year, All Year announced on Tuesday.
A subsidiary of Yoel Goldman‘s All Year filed for bankruptcy in February in a attempt to delay foreclosure sale on the Denizen. After this filing in chapter 11, Properties of Silverstein make an offer for half of the two-building complex, 911 units, and All Year as well put in place offers from Prairie Partners and Madison Capital, but eventually landed on Atlas.
One of All Year’s lenders has pledged about $ 7 million in debtor-in-owner financing to keep the luxury resort running smoothly, the company said in a statement. All Year did not respond to a request for comment on the identity of the lender.
“The planned sale to Atlas is a positive result for the Denizen, its tenants and the local community,” All Year said in a statement. “Daily operations of the Denizen continue as usual and residents can expect the same luxury living experience.”
The All Year subsidiary filed for bankruptcy after do not negotiate with the mezzanine lender Mack mortgage strategies on a second extension of the Uniform Commercial Code foreclosure sale date in late February. In the bankruptcy filings at the time, All Year said she owed Mack Real Estate about $ 73.2 million in a February 2019 full recourse loan, in addition to $ 170 million in debt from first row in default at JPMorgan Chase.
All Year stated in the bankruptcy petition that pandemic restrictions hampered amenities at Denizen, which was built in two phases at 54 Noll Street and 123 Melrose Street. The Denizen has a long list of amenities, including a public park, pet spa, brasserie, cafe with coworking space, fitness centers, art gallery, and gym. games.
All Year has approximately $ 1.6 billion in outstanding debt on its $ 2.4 billion business volume, Commercial Observer reported.
Celia Young can be reached at [email protected].