"Deutsche Bank has filed for foreclosure on Kaufman Astoria Studios, claiming that the borrower, a partnership tied to Hackman Capital, failed to pay back the loan by the November maturity date and now owes about $359 million."
"Hackman was personally named as a defendant as he served as a guarantor on the loan, with the lender seeking a deficiency judgment to hold him and Hackman Capital responsible for any difference between the loan amount and the auction price if foreclosure occurs."
"Earlier this year, Hackman Capital defaulted on a $1.1 billion loan tied to Radford Studio Center in Los Angeles, with reports indicating that Goldman Sachs would be taking over the property."
"The studio had partnered with Silverstein Properties for a $2 billion megaproject to develop housing and retail space, which was scrapped after Silverstein withdrew due to uncertainties around tax abatement programs."
Deutsche Bank is seeking foreclosure on Kaufman Astoria Studios in Queens, claiming Hackman Capital failed to repay a $359 million loan by the November deadline. The borrower, Astoria Studios Limited Partnership II, took out the loan in 2021. Michael Hackman, a guarantor on the loan, is also named in the lawsuit. The lender aims for a deficiency judgment against Hackman and Hackman Capital. The studio's financial troubles raise concerns as the city seeks to expand its studio space.
Read at therealdeal.com
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