390 Crystal Run Rd
Middletown, NY 10941

The non-performing mortgage loan is secured by Crystal Run Medical Commons, a 30,230 SF medical office building located in Middletown, New York. Built in 2006, the property is situated on 4.9 acres and features approximately 169 parking spaces. As of the October 2018 rent roll, the property was 94% occupied by a diverse tenant roster comprising ten different tenants. The average household income within the immediate zip code is $84,792, from a total of 4,820 households. On June 15, 2007, the loan originated in the amount of $5,200,000 for a 120-month term. In May 2017 the court appointed a receiver that remains in-place at the property. The borrower did not make his maturity date payment in July 2017 under the terms of the loan documents. On November 14, 2018, the plaintiff’s motion for summary judgment and severance was granted.