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In re Stellar GT TIC LLC

UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF MARYLAND (Greenbelt Division)
Jul 27, 2012
Case No. 11-22977-PM (Bankr. D. Md. Jul. 27, 2012)

Opinion

Case No. 11-22977-PMCase No. 11-22980-PM

2012-07-27

In re: STELLAR GT TIC LLC, et al., Debtors. In re: VFF TIC LLC, Debtor.


SO ORDERED

______________________


U. S. BANKRUPTCY JUDGE

Chapter 11


(Jointly Administered Under

Case No. 11-22977)


STIPULATION AND ORDER EXTENDING RECEIVERSHIP ORDER AND

TEMPORARILY SUSPENDING THE TURNOVER REQUIREMENTS OF

SECTION 543

This Stipulation and Order is entered into by Stellar GT TIC LLC and VFF TIC LLC (collectively, the "Debtors") and Wells Fargo Bank, N.A., as Trustee for the registered holders of Deutsche Mortgage & Asset Receiving Corporation, COMM 2007-C9, Commercial Mortgage Pass-Through Certificates, U.S. Bank National Association, as Trustee, as successor in interest to Bank of America, National Association, as Trustee, as successor in interest to Wells Fargo Bank, N.A., as Trustee for the registered holders of Deutsche Mortgage & Asset Receiving Corporation, CD 2007-CD5 Commercial Mortgage Pass-Through Certificates, and FCP Georgian Towers, LLC, acting by and through Helios AMC, LLC, in its capacity as Special Servicer (collectively, "Lender" and together with the Debtors, the "Parties").

WHEREAS, Lender holds certain notes evidencing a mortgage loan guaranteed by the Debtors in the aggregate original principal amount of $185,000,000, secured by a certain Indemnity Deed of Trust, Security Agreement, Financing Statement, Fixture Filing and Assignment of Leases, Rents and Security Deposits dated February 28, 2007; and

WHEREAS, on December 30, 2009, Lender commenced a receivership action in the Circuit Court for Montgomery County, (the "Circuit Court"), Case No. 324928-V (the "Receivership Action") seeking the appointment of a receiver for a certain 891-unit multi-family high rise property (consisting of two 14-story apartment buildings) located at 8750 Georgia Avenue in Silver Spring, Maryland, commonly known as "The Georgian" (the "Project"), and owned by the Debtors; and

WHEREAS, by order dated December 30, 2009, as extended by subsequent consent orders (the "Receivership Order"), the Circuit Court appointed Greystar Management Services, LP as Receiver (the "Receiver"), and authorized the Receiver to take any action necessary to preserve the Project and effectuate its orderly operation; and

WHEREAS, on June 22, 2011 (the "Petition Date"), the Debtors filed voluntary petitions for relief under chapter 11 of the United States Bankruptcy Code; and

WHEREAS, on July 15, 2011, this Court entered an Order temporarily modifying the automatic stay pursuant to 11 U.S.C. § 362(d)(1) for the limited purposes of permitting: (i) the Parties jointly and consensually to seek a further extension of the Receivership Order through October 31, 2011 in the Receivership Action; and (ii) the Receiver to continue operating and managing the Project as directed and permitted by the Receivership Order, through October 31, 2011 (the "Lift Stay Order");

WHEREAS, on October 26, 2011, December 29, 2011 and April 2, 2012, this Court entered orders extending the Lift Stay Order through December 31, 2011, March 31, 2012 and June 30, 2012, respectively; and

WHEREAS, the Receivership Order expires by its own terms on July 31, 2012.

NOW, THEREFORE the Parties having requested that the Court enter this Stipulation and Order; sufficient notice of this Stipulation and Order having been given; IT IS HEREBY

ORDERED, that the Parties shall jointly and consensually seek a further extension of the Receivership Order through October 31, 2012 in the Receivership Action; and it is further

ORDERED, that the Receiver shall continue to operate and manage the Project through October 31, 2012, as directed and permitted by the Receivership Order and the Lift Stay Order.

STIPULATED AND AGREED TO BY:

______________________

Matthew G. Summers

Fed. Bar No. 26572

Ballard Spahr LLP

300 East Lombard Street, 18th Floor

Baltimore, Maryland 21202

Tel (410) 528-5670

Fax (410)361-8930

E-mail: summersm@ballardspahr.com

Counsel for the Debtors

______________________

Mark Taylor

Fed. Bar. No. 013418

Kilpatrick Townsend & Stockton LLP

607 14th Street, NW, Suite 900

Washington, DC 20005-2018

Tel: (202) 508-5867

Fax: (202) 585-0073

E-mail: mdtaylor@kilpatricktownsend.com

Jantra Van Roy

Zeichner Ellman & Krause LLP

575 Lexington Avenue

New York, New York 10022

Tel: (212) 826-5353

Fax: (212) 753-0396

E-mail: jvanroy@zeklaw.com

Counsel for Lender

END OF ORDER

cc: Matthew G. Summers, Esquire

Ballard Spahr LLP

300 East Lombard Street, 18th Floor

Baltimore, MD 21202

Mark Taylor, Esquire

Kilpatrick Townsend & Stockton LLP

607 14th Street, NW, Suite 900

Washington, DC 20005-2018

Jantra Van Roy, Esquire

Zeichner Ellman & Krause LLP

575 Lexington Ave

New York, NY 10022

Office of the U.S. Trustee

6305 Ivy Lane, Suite 600

Greenbelt, MD 20770

Federal Capital Partners

c/o Patrick Potter

Pillsbury Winthrop Shaw Pittman LLP

2300 N Street, N.W.

Washington, DC 20037

S. Mehalco/S. Hardy

Bankruptcy Specialists

Internal Revenue Service

PO Box 7346

Philadelphia, PA 19101-7346

Michael B. Bach

DeHann & Bach LPA

25 Whitney Drive, Suite 206

Milford, OH 45150

Maryland Department of Assessments and Taxation

30 West Gude Drive

Rockville, MD 20850

Maryland Department of Assessments and Taxation

301 W. Preston Street

Baltimore, MD 21201-2395

Stephen Bogorad, Esquire

Holland & Knight

2099 Pennsylvania Avenue, NW, Suite 100

Washington, DC 20006

All Parties Requesting Special Notice

Individuals/Entities Receiving Notice Per Court Order:

Roger Schlossberg

134 West Washington Street

P.O. Box 4227

Hagerstown, MD 21741-4227

Gary A. Rosen

One Church Street

Suite 802

Rockville, MD 20850

James Greenan

McNamee, Hosea, et. al.

6411 Ivy Lane, Suite 200

Greenbelt, MD 20770

Russell S. Drazin

Jason Pardo

Pardo & Drazin, LLC

4400 Jenifer Street, NW, Suite 2

Washington, DC 20015


Summaries of

In re Stellar GT TIC LLC

UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF MARYLAND (Greenbelt Division)
Jul 27, 2012
Case No. 11-22977-PM (Bankr. D. Md. Jul. 27, 2012)
Case details for

In re Stellar GT TIC LLC

Case Details

Full title:In re: STELLAR GT TIC LLC, et al., Debtors. In re: VFF TIC LLC, Debtor.

Court:UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF MARYLAND (Greenbelt Division)

Date published: Jul 27, 2012

Citations

Case No. 11-22977-PM (Bankr. D. Md. Jul. 27, 2012)