In December, 2019, on behalf of a private lender, attorney Peter Royer commenced a foreclosure of a $31MM mortgage encumbering a large shopping center in Fairfield County, Connecticut. The Borrower, a related entity / Second Mortgagee, and the Guarantor of the subject loan each defended the foreclosure asserting multiple special defenses and counterclaims. Nevertheless, Peter obtained summary judgment in favor of the Plaintiff and against each of the Borrower and related parties.
During the course of the foreclosure, Peter also successfully objected to the Borrower’s efforts to enjoin the Plaintiff from collecting the rents at the subject property and later moved for the appointment of a receiver which the Court granted over objections by the Borrower and related parties. Through the direct collection of rents from the tenants and the receiver later collecting rents, the Plaintiff was able to significantly reduce its debt. Roughly a year and half after the foreclosure began, which included several months in which the courts were closed as a result of the COVID-19 pandemic, the Plaintiff took title to the subject property in early June, 2021.