Glenn Agre Bergman & Fuentes secured a significant victory for bridge lender BPT 50S Funding LLC on May 29, 2026, when the Superior Court of New Jersey, Chancery Division granted the firm’s motion to appoint a receiver over Hoyt Tower, a 203-unit luxury residential and retail property in Newark, New Jersey, in connection with a foreclosure action on a $62.5 million bridge loan.

The ruling again demonstrates the firm’s ability to move aggressively and effectively on behalf of lenders when borrower conduct threatens to erode collateral value.

Receivership is among the most powerful tools available to secured creditors in New Jersey and among the hardest to obtain. Courts grant it only upon clear and convincing evidence of irreparable harm to the lender’s security interest. The court found that threshold met here. The borrower’s undisputed payment defaults, significant delinquent property taxes, and a sustained refusal to provide required financial reporting collectively demonstrated ongoing dissipation of the lender’s collateral.

Andrew K. Glenn, Skye Tian Gao, and Peter C. Charnell represented BPT 50S Funding LLC. The firm was joined by co-counsel Timothy P. Duggan of Stark & Stark PC.