Loan Acquisitions

Between 2010 and 2012 Townhouse acquired loans from local banks having more than $20 million in principal value, secured by 11 buildings containing over 350 residential units and two stores in Manhattan and the Bronx. Townhouse pursued a strategy of becoming the mortgagee in possession with respect to these buildings and operated eight of the buildings as mortgagee in possession, while bankruptcy and foreclosure actions continued. For another of the buildings Mr. Maidman served as the court appointed managing agent. Each of these loans has been resolved with the properties sold to third parties and substantial profits returned to Townhouse and its investors.