M & B Joint Venture, Inc. v. Laurus Master Fund, Ltd.

Plaintiff claims an equitable lien in the face of its failure to obtain an allegedly agreed-upon mortgage to secure a $490,000 bridge loan it extended to defendant Penthouse International, Inc., in connection with the refinancing of the latter’s townhouse, which mortgage was intended to be secondary to Laurus’s $24 million consolidated first mortgage. There was a basis for the notice of pendency (see 5303 Realty Corp. v O & Y Equity Corp., 64 NY2d 313, 320 [1984]). The evidence, not only of the bridge loan but also of the conversation with a Laurus official and a Penthouse representative…