Michael Blumenthal Mentioned in Mt. Kisco Daily Voice on Loan Holder Acquisition

“Loan Holder To Acquire Ex-Mount Kisco Borders Site Following $6.5M Bid”

The holder of a mortgage for the former Borders site in downtown Mount Kisco will take over the property following a $6.5 million bid that was made at a Tuesday foreclosure auction.

The mortgage holder is an entity called GCCFC 2007-GG11 Kisco Retail, LLC. In February 2013, it sued the property’s owner, Mt. Kisco Associates, LP, claiming that it defaulted on the mortgage. The loan, agreed to in September 2007, has terms that include a principle balance of $6.3 million, an interest rate of 6.815 percent. Other provisions include a maturity date of Sept. 6, 2017 and allowing for interest-only repayment until 2012.

The landlord, through a response document from its legal counsel, denied the allegation.

About a year went by without submission of new documents for the court case before it was disclosed that both parties agreed to allow for the property to go into foreclosure. The auction was held at the Westchester County courthouse in White Plains.

Michael Blumenthal, an attorney for the plaintiff, made the bid on its behalf. Speaking with reporters after the auction concluded, he confirmed that the transaction will close within 30 days.