Fannie Mae is seeking to foreclose on two Bronx buildings, claiming years of missed payments and millions in unpaid city charges. Here's what's in the complaint
Fannie Mae is moving to foreclose on a $61.5 million loan tied to two big Bronx apartment buildings, claiming the borrower has racked up years of missed payments and a mountain of unpaid bills.
In a complaint filed September 23, 2025, in Manhattan federal court, Fannie Mae says Fordham Fulton Realty, Corp. and its guarantor, Rajmattie Persaud, have defaulted on a commercial mortgage covering Fordham Tower and Fulton Towers, two large multi-family properties in the Bronx. The lender says it’s been chasing overdue payments since the pandemic’s early days, but the money still hasn’t come through.
The story starts back in December 2018, when Fordham Fulton Realty, Corp. executed a Consolidated, Amended and Restated Multifamily Note in the principal amount of $61,545,000 for the benefit of Greystone Servicing Corporation Inc., which was later assigned to Fannie Mae. According to the complaint, the borrower failed to make required monthly payments from April 1, 2020, to May 31, 2022—a period spanning 26 months. During this time, Greystone Servicing Corporation, Inc., as loan servicer, and the borrower entered into seven separate forbearance agreements.
Under these agreements, Fannie Mae agreed to refrain from exercising its rights and remedies in exchange for the borrower’s acknowledgment of default, waiver of claims and defenses, and acceptance of specific conditions, including the requirement to repay all forborne monthly payments over a term not exceeding 104 months and to remit all net operating income from the properties on a monthly basis. The borrower, according to the complaint, unconditionally acknowledged its indebtedness to Fannie Mae and waived all defenses and claims.
Despite these measures, Fannie Mae claims that Fordham Fulton Realty, Corp. failed to cure multiple events of default. The complaint details that monthly payments remain due and owing from October 2024 forward, and that this failure constitutes multiple events of default under the loan agreement. In addition, the complaint alleges that the borrower entered into 120-month payment plans with the New York City Water Board to resolve outstanding water and wastewater charges totaling $3,916,279.54 in principal, with $1,353,478.66 attributable to Fordham Tower and $2,562,800.88 attributable to Fulton Towers. As of the filing of the complaint, the borrower allegedly owes $1,669,439.13 in waste and wastewater charges for Fordham Tower and $3,161,069 for Fulton Towers. The complaint states that these unpaid charges constitute liens on the properties and are not permitted under the loan documents.
The complaint further alleges that Consolidated Edison Company of New York, Inc. obtained a judgment in New York Supreme Court for Bronx County (Index No. 805679/24E) against the borrower, docketed as a lien against the properties in the amount of $2,942,654.21. Additional liens are alleged from Approved Oil Co. of Brooklyn, Inc., the New York City Department of Finance, the New York City Environmental Control Board, and the New York City Department of Housing Preservation & Development (HPD). The HPD is alleged to have obtained judgments totaling over $11 million for failure to correct housing code violations, including failure to provide heat and hot water.
Fannie Mae claims that the borrower also failed to provide required financial reporting documents for Q3 2024 and Year End 2024, and failed to permit property inspections as required by the loan documents. The complaint states that these failures constitute additional events of default.
Fannie Mae seeks the appointment of a receiver to manage the properties, foreclosure of the mortgage, foreclosure of all junior liens, and a money judgment against Fordham Fulton Realty, Corp. and Rajmattie Persaud for any deficiency remaining after a foreclosure sale. The complaint also seeks all rents from the properties and recovery of costs and expenses, including attorneys’ fees.
As of September 23, 2025, the date of filing, Fannie Mae claims that none of the defaults have been cured and that the borrower and guarantor remain liable for the full indebtedness, accrued interest, late charges, and all associated enforcement costs. The case is at the complaint stage, and all statements reflect Fannie Mae’s claims.
For mortgage professionals, this action highlights the risks and complexities involved in large-scale commercial mortgage lending and enforcement, as well as the range of remedies available to institutional lenders when faced with persistent defaults and property management failures.
