Evergreen Gardens Mezz gets interim access to $5 million of DIP loan

By Sarah Lizee

Olympia, Wash., Sept. 16 – Evergreen Gardens Mezz LLC received court approval to access $5 million of a proposed $7 million debtor-in-possession facility via MREF REIT Lender 15 LLC, according to an interim order filed Wednesday with the U.S. Bankruptcy Court for the Southern District of New York.

The facility will bear interest at 9%. There is a 1% commitment fee.

The facility is set to terminate in 120 days, with a two-month extension option.

The company also received interim approval to use the cash collateral of pre-petition lender JPMorgan Chase Bank, NA.

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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