Lender
West 4 Capital
Cayman ELP. Co-lender on the Apex leftover-equity notes. NY Index 652237/2025. Clerk money judgment 30 Sep 2025: $4,494,349.18.
- Form
- West 4 Capital LP · Cayman Islands Exempted Limited Partnership · Yaron Eilot, managing partner
- Apex note
- Apex South Creek IB, LLC · 18 Nov 2022 · $6,000,000 · 12% coupon, 14% default · pledge of IB interests, not a mortgage
- NY judgment
- Index 652237/2025 · Crane SFO 15 Jul 2025 · clerk money judgment 30 Sep 2025 · $4,494,349.18
Co-lender with IBI Volcano on leftover-equity notes behind Apex South Creek. Separate from the KHCA revolver. Shared stack terms live on IBI Volcano. Not the Charlotte M&A shop West 4th Capital.
Fund
West 4 Capital LP is a Cayman Islands Exempted Limited Partnership. Yaron Eilot signed the Apex note as CEO and affirmed (6 Apr 2025) that he is managing partner. An SEC Schedule TO for Lightstone Value Plus REIT II (19 Oct 2023) calls it a real estate investment fund focused on U.S. real estate. General partner: Granite Sapphire Management Limited, a Cayman exempted company formed 3 Apr 2017. UK adviser: West 4 Capital Investment Adviser Limited (Companies House 13629673). Capricorn Fund Managers Limited is named as AIFM. Ronen Capeluto signed the TO as chief investment officer.
Ziv Sapir, principal of IBI Volcano, was a director of that UK adviser from 17 Sep 2021 to 31 Dec 2022 (Companies House). Officer overlap on the adviser. Not a finding that the two lenders are the same vehicle.
Apex note
$6,000,000 secured promissory note dated 18 Nov 2022. Borrower Apex South Creek IB. Coupon 12%; default 14%; late charge 5% after ten days. Pledge of IB interests in Apex South Creek, DST, not a mortgage on the Orlando land. Original maturity 18 May 2023. First amendment 5 Apr 2024 took maturity to 18 May 2024 (unused option to 18 Aug 2024) and set West 4’s share of IB redemption proceeds at 13% (Volcano 77%). Crew is the sole named guarantor. Wettengel signed for the IB; Muro signed for Versity Invest as CRO.
Comrit Investments 1, LP’s $11 million note was assigned to Volcano on 3 Jul 2023. The docket has that assignment. It does not have a West 4 assignment. BCLP’s 11 Nov 2024 default notice recites that Comrit and West 4 assigned to Volcano. Crane treated West 4 as a separate plaintiff.
Judgment
15 Jul 2025 Justice Melissa A. Crane granted the unopposed CPLR 3213 motion in part on default (NYSCEF Doc 26). Remaining principal as of 31 Mar 2025: $3,370,568. Crane directed $4,242,913 on the West 4 guaranty, plus 14% from 1 Apr 2025 through the order date. 30 Sep 2025 clerk money judgment (NYSCEF Doc 31): $4,494,349.18. Counsel: Bryan Cave Leighton Paisner (Chris LaRocco).
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).
- 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.
- 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.