Houlihan Parnes Realtors and CLK Properties face $53 million foreclosure
Houlihan Parnes Realtors and CLK Properties are facing a foreclosure lawsuit filed by LNR Partners, the Miami Beach-based special servicer, alleging the firms defaulted on $53 million in loans backed by a Long Island office property.
According to lawsuit papers Houlihan and CLK defaulted on the loan in November 2010, by failing to make monthly debt service payments. The property is a 315,000-square-foot office building at One Old Country Road in Carle Place, N.Y.
LNR Partners demands a judgment against the borrowers, the appointment of a receiver and that the landlord be forced to cover the deficiency remaining once the property is sold at auction.
Bank of America, the original lender, loaned $53.28 million six years ago to an entity called Treeline 1 OCR. In early 2005, Treeline completed an $8 million renovation of the building, includeding new heating, air conditioning, new elevator cabs, an upgraded lobby and other improvements to the property.
By 2008, Treeline sold the property for $65 million to a joint venture that included White Plains, N.Y.-based Houlihan and Woodbury, N.Y.-based CLK, with Schor quoted as saying “the property fully matured and no longer fit our investment criteria.”
In May, LNR filed suit to foreclose on CLK and Coolidge Equities on a $110 million loan backed by the Gateway at Lake Success, a 672,000-square-foot office complex.
CLK and Houlihan have another loan that was transferred into special servicing at a 242,000-square-foot office complex at 300 Broadhollow Road in Melville, N.Y., according to The Real Deal.