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UCC Foreclosure Auction

Pledge of Equity Interest

Details:

  • 100% of the membership interests in two entities, 45 Erieview GP, LLC and 45 Erieview LP, LLC, which, to seller’s understanding, together own 100% (30% and 70%, respectively) of the interests in 45 Erieview, LLC.
  • It is seller’s understanding that 45 Erieview, LLC, ultimately owns 100% of the interests in the lessee under a ground lease for real property and improvements located at 45 Erieview Plaza in Cleveland, Ohio 44114, at the intersection of Lakeside Avenue E, Erieview Plaza, and E 9th Street, more commonly known as “Eriview Plaza” or “The Bell at 45 Erieview Plaza”.  The owner/lessor of the property is Twain GL XX, LLC.
  • Diligence materials are available upon request and execution of standard confidentiality and non-disclosure agreement.
  • PLEASE TAKE NOTICE, that in accordance with applicable provisions of the Uniform Commercial Code as enacted in New York, by virtue of certain Event(s) of Default under that certain PLEDGE, ASSIGNMENT AND SECURITY AGREEMENT, dated as of April 28, 2023 (the “Pledge Agreement”), executed and delivered by KENNETH WOLFE in his capacity as Manager of (i) 307 STAR GP, LLC, (ii) 307 STAR HIGHRISE, LLC, (iii) 309 OIL GAS GP, LLC, (iv) 309 OIL GAS LP, LLC, (iv) 45 ERIEVIEW GP, LLC, and (vi) 45 ERIEVIEW LP, LLC (together, 45 Erieview GP, LLC, and 45 Erieview LP, LLC, are the “Pledgor”), and in accordance with it rights as holder of the security, TBG FUNDING LLC (the “Secured Party”), by virtue of those certain UCC-1 Filing Statements made in favor of Secured Party, in accordance with Article 9 of the Uniform Commercial Code of the State of New York (the “Code”), will offer for sale, at public auction, (i) Pledgor’s combined 100% INTERESTS IN 45 ERIEVIEW, LLC. (collectively, the “Pledged Entity”), and (ii) certain related rights and property relating thereto (collectively, (i) and (ii) are the “Collateral”). Secured Party’s understanding is that the principal asset of the Pledged Entity is a 100% ownership interest in the lessee under a ground lease for real property commonly known as 45 ERIEVIEW PLAZA, CLEVELAND, OHIO 44114 (a/k/a “The Bell at Erieview Plaza”) (the “Property”). Secured Party’s understanding is that Twain GL XX, LLC, owns the Property subject to the ground lease. Maltz Auctions (“Maltz”), under the direction of Richard B. Maltz or David A. Constantino (the “Auctioneer”), will conduct a public sale consisting of the Collateral (set forth in Schedule A below), via online bidding, on July 12, 2024 at 11:00 a.m. EST, in satisfaction of indebtedness in the approximate amount of $10,103,043.94, including principal, interest on principal, and reasonable fees and costs, plus default interest through July 11, 2024, subject to open charges and all additional costs, fees and disbursements permitted by law. The Secured Party reserves the right to credit bid. Virtual bidding will be made available for pre-registered bidders via zoom. Qualified bidders shall receive an invitation email prior to the auction. Bidder Qualification Deadline: July 10, 2024 by 4:00 p.m. EST. Executed Terms & Conditions of Sale along with a $1,000,000 deposit (to be submitted via wire transfer) are required for consideration by any interested party and submitted directly to Maltz. Requests for wiring instructions should be sent to [email protected].

Bidder Qualification Deadline: Wednesday, July 10, 2024 by 4:00 PM.  Executed Terms & Conditions of Sale along with a $1,000,000 deposit via wire transfer are required for consideration by any interested party.

Auction Date & Time: Friday, July 12, 2024 at 11:00 AM EST.

Auction Location: Virtual Auction.

Terms & Conditions of Sale: See attached terms of sale for details.

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*Maltz Auctions, Inc. Exclusively Acting in Capacity as Marketing Agent for Secured Party