Evergreen Gardens gets short exclusivity extension to complete sale

By Sarah Lizee

Olympia, Wash., Sept. 10 – Evergreen Gardens Mezz LLC secured an extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to an order filed Friday with the U.S. Bankruptcy Court for the Southern District of New York.

Specifically, the court extended the plan filing period through Oct. 13 and the solicitation period through Dec. 13.

The company said it began its Chapter 11 cases with the focus of continuing its discussions with its stakeholders, including mezzanine lender MREF REIT Lender 9, LLC, to develop a path forward with respect to the Denizen properties and to promptly present to the court a restructuring solution that maximizes value for all parties.

Evergreen Gardens said it has actively engaged with the mezzanine lender and other constituents and has pursued a sale and marketing process for the Denizen that has generated widespread interest and resulted in the submission of multiple bids and indications of interest.

The company said that following the second round of bidding, it is close to selecting a winning bidder.

Evergreen Gardens is a subsidiary of All Year Holdings Ltd., which focuses on the development, construction, acquisition, leasing and management of residential and commercial income producing properties in Brooklyn, N.Y. Evergreen Gardens filed bankruptcy on Feb. 22, 2021 under Chapter 11 case number 21-10335.

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