Lender seeks to foreclose $20M in commercial loans
RSS JPMCC2017-JP6 – GA P2L, a Georgia limited liability company, has filed a foreclosure complaint in the U.S. District Court for the District of Puerto Rico against PR 2012 LLC and G & PR 2012 LLC, seeking to recover millions owed under a 2017 commercial loan secured by properties in Guaynabo and Carolina.
According to the complaint, the defendants obtained a $20 million loan in April 2017 from Benefit Street Partners CRE Finance LLC to acquire multiple commercial properties, including parcels at state roads PR-165 and PR-24 in Guaynabo, and at PR-190 and Campo Rico Avenue in Carolina. The properties were used as collateral under mortgage deeds recorded in Puerto Rico’s property registry.
The Guaynabo property, comprising about 1.9 acres in the Sabana sector of Pueblo Viejo, was mortgaged for nearly $8.1 million. The Carolina parcel, covering roughly 6,766 square meters in Sabana Abajo, was mortgaged for nearly $8.6 million. Both deeds were executed before Notary Public Pedro Morell Losada and recorded in the Karibe system of the island’s property registry.
The complaint says the borrower agreed to make monthly debt service payments and deposits for taxes, insurance, capital expenditures, leasing reserves and operating expenses, with revenue from the Puerto Rico properties deposited into accounts established for the lender’s benefit.
The loan was transferred several times and was ultimately assigned in December 2024 to RSS JPMCC2017-JP6 – GA P2L, with Wells Fargo Bank N.A., acting as trustee for the benefit of the holders of JPMCC Commercial Mortgage Securities Trust 2017-JP6.
An event of default was declared in April 2025 after the borrower allegedly failed to make monthly payments. The lender notified the borrower of the default on April 29, but the delinquency was not cured. The lender then accelerated the debt, declaring all amounts due and payable.
As of the filing date, the unpaid principal balance totals $14.7 million, in addition to interest, late fees, attorney’s fees and other costs. The lender is asking the court to authorize foreclosure and public sale of the Puerto Rico properties and related collateral.
“The amounts obtained from the foreclosure of the liens over the real properties and the other collateral described in the loan documents will be used to satisfy the indebtedness under the loan,” the complaint states.
The allegations are contained in the lender’s complaint and have not yet been adjudicated.
Filed Oct. 15, 2025, in San Juan by O’Neill & Borges LLC on behalf of the lender, the case also seeks enforcement under Puerto Rico’s Commercial Transactions Act to collect any remaining amounts owed after the collateral is sold.
The case has been assigned to U.S. District Judge María Antongiorgi-Jordán.
