Prana Investments‘ bet on rent-stabilized properties in New York City is turning into a disaster. The San Francisco-based firm faces at least 14 foreclosure lawsuits against its 550-unit multifamily portfolio in the Bronx and Upper Manhattan. Three lenders filed lawsuits in New York State courts in the past four months, alleging that Prana’s entities owe over $56.6 million in unpaid loans and interest. Peapack Private Bank and Trust initiated the most recent foreclosure actions against Prana. The lender alleged in four lawsuits filed in June that Prana defaulted on loans tied to four multifamily properties in the Bronx: 3021 Holland […]

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