M
aguire Capital is moving to foreclose on two historic properties in the Financial District. The company initiated a Uniform Commercial Code (UCC) foreclosure on the equity interests of 53 and 55 Stone Street, two mixed-use buildings next to a cobblestone pedestrian street. The properties are owned by Alicia CastroLeal Harper, ex-wife of late TV producer Alan Harper.

    Harper's company, Orsipel V, bought the properties for $15.1 million last year from Davean Holdings, but defaulted on a $9 million loan from BEB Capital just 12 months later. The buildings, built in 1900 and 1913, total 16,700 square feet and consist of seven apartments and two restaurant spaces, including Underdog pub.

    A foreclosure auction scheduled for October 15 was postponed after the lender granted Harper forbearance. Meridian Capital is marketing the properties, which have a net income of $777,300 per year. Maguire Capital acquired the loan from BEB in May and has become a prominent player in the distressed debt space, teaming up with Madison Realty Capital to acquire several high-profile loans.

    A UCC foreclosure allows lenders to sidestep traditional foreclosure procedures by foreclosing on a property's ownership entity instead of the property itself. Maguire Capital is expected to credit bid for the properties at auction, becoming responsible for any senior mortgage on the site.