GECCMC 2005-C1 Plummer Street Office Limited Partnership v. NRFC NNN Holdings

Opinion

ROTHSCHILD, J.

—NRFC NNN Holdings, LLC (Northstar), appeals from a judgment holding it liable as a guarantor on a loan in favor of GECCMC 2005-C1 Plummer Street Office Limited Partnership (Plummer) and a post-judgment order awarding Plummer attorney fees and costs. We conclude that as a matter of law the guaranty was not triggered. Therefore we reverse the judgment and the postjudgment order.

*1000FACTS AND PROCEEDINGS BELOW

Plummer lent $44 million to a borrower.1 Borrower used the money to purchase two commercial properties in Chatsworth. Borrower leased these properties under two leases to…