REAL estate mogul Brandon Miller's company struggled to keep at least one major New York City project afloat and it faced foreclosure just three years before his death at 43. Brandon's company, Real Estate Equities Corporation (REEC), acquired the property at the corner of St. Mark's Place and Third Avenue, in Manhattan's East Village in 2017 when it signed a 99-year lease for $150 million, according to The Real Deal.
In 2019, the company received a $79 million loan from Hana Financial Group - with $48 million of that being sold to Madison Realty Capital as a first mortgage, per The Real Deal. But REEC appears to have hit a rough patch just a couple years later, with Covid-19 at least partially to blame. By 2021, Madison Realty Capital moved to foreclose after it claimed REEC defaulted on its mortgage.
Property records filed on June 23, 2022, exclusively revealed by The U.S. Sun, showed that the company acquired a new loan from Parkview Financial for $70 million, to save the struggling office building project from foreclosure.
"Construction delays caused by the pandemic and other factors, required the project to be restructured and the original loans underlying the leasehold to be recapitalized," Parkview Financial explained in a 2022 press release. "Parkview Financials’ loan includes the refinance of the existing land loan as well as construction financing." The release went on to say that the project would anticipate completion in June of 2024, however, a construction upd.