Lender
IBI Volcano
Bridge lender on Apex. NY Index 652237/2025. Clerk money judgment 30 Sep 2025: $45,498,832.38 to Volcano and $4,494,349.18 to West 4, plus $535 costs.
- Borrower
- Apex South Creek IB, LLC · leftover-equity notes 18 Nov 2022 · pledge of IB interests, not a mortgage
- Original principal
- $25M I.B.I. Volcano + $6M West 4 Capital + $11M Comrit (assigned to Volcano 3 Jul 2023)
- NY judgment
- Index 652237/2025 · Crane SFO 15 Jul 2025 · clerk money judgment 30 Sep 2025 · Volcano $45,498,832.38 · West 4 $4,494,349.18 · costs $535
Second bridge lender in this cluster. The Apex leftover-equity notes are a different stack from the KHCA Vintage / Walk / One on 4th / Hayworth line.
I.B.I. Volcano Investments LLC (Ziv Sapir, principal) and West 4 Capital LP (Yaron Eilot, CEO; Cayman ELP) sued Crew (f/k/a Versity Invest) in New York, Index 652237/2025. Borrower is Apex South Creek IB, LLC. Three secured promissory notes dated 18 Nov 2022:
- I.B.I. Volcano · $25,000,000
- West 4 Capital · $6,000,000
- Comrit Investments 1, LP · $11,000,000 (assigned to Volcano 3 Jul 2023)
Coupon 12%; default rate 14% (coupon plus 2%); late charge 5% after ten days. Origination 2% on the Volcano note (1.5% at close + 0.5% twenty-one days later); each three-month extension 1% of remaining principal. The notes are a pledge of the IB’s beneficial interests in Apex South Creek, DST, not a mortgage on the Orlando land. The Volcano note recites that at close the IB held 100% of the DST interests; the Trust Agreement of the same day says the same. The first mortgage is Walker & Dunlop, ~$45,994,000, also 18 Nov 2022. Ninety percent of redemption proceeds from sold interests had to go to the lenders within five business days, applied to principal; current interest was separate. After the April 2024 amendments that split became 77% Volcano / 13% West 4.
Crew is the sole named guarantor. These exhibits are an LLC guaranty of payment, not a personal guaranty by Wettengel or Muro. Original maturity 18 May 2023; two three-month extensions, then first amendments 5 Apr 2024 (West 4) and 10 Apr 2024 (Volcano / Comrit) taking maturity to 18 May 2024, with an unused option to 18 Aug 2024. Wettengel signed for the IB; Muro signed for Versity Invest as CRO.
Sapir’s 7 Apr 2025 affirmation says the borrower made no interest payments after November 2023. BCLP default notices 11 Nov 2024 (addressed to Frank Muhlon) demanded $44,611,907 and alleged the IB had distributed $4 million in acquisition fees to itself. Lender demand, not a finding.
15 Jul 2025 Justice Melissa A. Crane granted the unopposed CPLR 3213 motion in part on default (NYSCEF Doc 26). Crew neither appeared nor opposed. Remaining principal as of 31 Mar 2025: Volcano $23,690,525, Comrit $10,423,831, West 4 $3,370,568. Crane directed judgment of $42,953,402 for Volcano (Volcano + assigned Comrit) and $4,242,913 for West 4, plus 14% from 1 Apr 2025 through the order date, then the statutory rate. Attorneys’ fees denied without prejudice. Case marked disposed.
30 Sep 2025 clerk money judgment (NYSCEF Doc 31):
- I.B.I. Volcano · $45,498,832.38 ($42,953,402 + $2,545,430.38 interest)
- West 4 Capital · $4,494,349.18 ($4,242,913 + $251,436.18 interest)
- costs · $535
Counsel: Bryan Cave Leighton Paisner (Chris LaRocco).
Brian Nelson’s BrokerCheck lists a separate $3.2M outstanding Volcano judgment he has tied to Pebble Beach DST / College Yard. Do not merge that item with the Apex IB notes. DST holders sit behind this stack too.
Timeline
- 18 Nov 2022Apex South Creek closed. Trust Agreement: IB 100% of interests; Sorensen Entity Services Delaware Trustee; Apex South Creek ST Signatory Trustee; Chris Sorensen Independent Trustee. Circular close $99,550,000 (PSA was $100 million plus a $400,000 credit). Walker & Dunlop first mortgage $45,994,000 at 5.48%. Master lease DST → Apex South Creek LeaseCo (10 years 3 months). Versity Invest asset manager at 1% of Gross Revenue. Book & Ladder property manager at 3% of Monthly Gross Revenues. Same day: Apex South Creek IB leftover-equity notes $25M IBI Volcano, $6M West 4, $11M Comrit (assigned to Volcano 3 Jul 2023). 12% coupon, 14% default. 90% of IB redemption proceeds to the lenders. Crew LLC guaranteed. Form D four days later ($73,580,386).
- 30 Jun 2023 · circular snapshotVIP Bonds circular as of 30 Jun 2023 (sponsor disclosure, signed 21 Feb 2024). Vintage “fully syndicated”; circular says financing outside the first mortgage repaid — later Vintage IB complaint alleges leftover IB interests. Walk ~1% remaining, ~99% occupied. Hayworth 33.32% remaining, ~81% occupied. One on 4th 20.27% remaining, ~99% occupied. Apex 90.886% remaining, ~91% occupied; leftover-equity notes $40.8 million outstanding. Crayhill line $65,361,830 outstanding.
- 5–10 Apr 2024First amendments to the Apex IB notes (West 4 5 Apr; Volcano/Comrit 10 Apr). Maturity to 18 May 2024. Redemption split 77% Volcano / 13% West 4. Wettengel signed for the IB; Muro signed for Versity Invest as CRO.
- 11 Nov 2024BCLP default demand on the Apex IB notes and Crew guaranties: $44,611,907. Lender letter says the IB distributed $4 million in acquisition fees to itself. Demand, not a finding. Addressed to Frank Muhlon.
- 8 Apr 2025IBI Volcano and West 4 Capital move for summary judgment in lieu of complaint against Crew on the Apex IB guaranties (NY Index 652237/2025). Motion seeks $47,196,315 as of 31 Mar 2025.
- 15 Jul 2025Crane (NY Index 652237/2025) grants the unopposed CPLR 3213 motion in part on default. Crew neither appeared nor opposed. Judgment directed: $42,953,402 to IBI Volcano (including assigned Comrit) and $4,242,913 to West 4, plus 14% from 1 Apr 2025. Attorneys’ fees denied without prejudice.
- 30 Sep 2025Clerk money judgment, NY Index 652237/2025 (NYSCEF Doc 31): IBI Volcano $45,498,832.38 and West 4 $4,494,349.18 against Crew, plus $535 costs.