Hodges Ward Elliott (“HWE”) has been exclusively retained by Wells Fargo Bank, National Association, in its capacity as Trustee for the Registered Holders of CCRE Commercial Mortgage Securities, L.P., CF Trust 2019-Boss, Commercial Mortgage Pass-Through Certificates Series 2019-Boss, acting by and through Trimont Real Estate Advisors LLC, as special servicer (“Secured Party”), to offer for sale at public auction one hundred percent (100%) of the membership interests (collectively, the “Membership Interests”) in Montague Investors LLC and CF Bossert 26 LLC, each a Delaware limited liability company that has a 50% ownership interest in 98 Montague LLC (the “Debtor” or “Borrower”), who owns and operates the real property located at 98 Montague St. Brooklyn, NY 11201, commonly referred to as the Hotel Bossert (the “Property” or “Hotel”).
The Secured Party is the holder of a first lien mortgage loan (the “Loan” or “Mortgage Loan”), with an original principal balance of $112 million, which Loan is secured by Borrower’s fee simple interest in the Property and the Membership Interests. In addition, to secure the Mortgage Loan, Secured Party was provided with a pledge of the Membership Interests under the Uniform Commercial Code (UCC) pursuant to Loan Modification and Pledge Agreement, dated July 29, 2021, between Secured Party and Borrower (the “Modification”). The Mortgage Loan matured on December 9th, 2021, and the Mortgage Loan remains unpaid and outstanding. There is no additional recorded secured debt against the Property.
Prospective investors are invited to bid in the upcoming UCC foreclosure auction scheduled for February 20, 2024 at 2:15 p.m Eastern Standard Time at the NY Supreme Courthouse Portico, 60 Centre Street, New York, NY or via web-based video conferencing/ telephonic conferencing program.
UCC AUCTION PROCESS
Prospective investors are welcome to participate in the UCC Auction at the Public Auction date specified in the timeline below.
| Auction Date | February 20, 2024 |
| Time | 2:15 PM ET |
| Auction Location | NY Supreme Courthouse Portico, 60 Centre Street, New York, NY |
Data Room
An online data room is available to prospective bidders, subject to execution of a confidentiality agreement, and includes all relevant Loan and Property level documents pertaining to the auction. The data room can be accessed via HWE through a third-party secure site (ShareFile). All updates will be posted directly to the secure website. Please contact loansales@hodgeswardelliott.com should you experience any problems accessing the site or downloading documents.
UCC Foreclosure Registration / Auction
Prospective investors are welcome to register to bid at the UCC foreclosure auction scheduled for February 20, 2024. Investors have the ability to attend the UCC auction at the NY Supreme Courthouse Portico, 60 Centre Street, New York, NY or via web-based video conferencing and/or telephonic conferencing program. All parties desiring to qualify as a bidder at the Sale are required to deliver by February 16 at 4:00 P.M. Eastern Time (1) a deposit of $100,000 and (2) proof of financial ability to consummate the Sale. A prevailing bidder must pay the balance of the purchase price for any successful bid to Secured Party by 4:00 P.M. Eastern Time on the second (2nd) business day after the acceptance of any such bid.
Bid Components & Cost / Terms
Upon Secured Party awarding the bid, the prevailing bidder must pay the balance of the purchase price for any successful bid to Secured Party by 4:00 P.M. Eastern Time on the second (2nd) business day after the acceptance of any such bid. Each prospective bidder will be required to pay all of its own costs and expenses incurred in connection with its evaluation of the Property and the closing of the contemplated transaction including, but not limited to, its counsel fees and desired third-party work.