Exhibit,Appendix: Cherry Hill Gourmet, Inc. v. Lundy'S Management Corp.

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                                FILED:         KINGS       COUNTY         CLERK        06/01/2021             04:35       PM                        INDEX    NO.   510844/2016
   NYSCEF     DOC.   NO.   755                                                                                RECEIVED      NYSCEF:     06/01/2021




                                                     EXHIBIT                                 Y
   FILED:         KINGS       COUNTY         CLERK        06/01/2021             04:35       PM                        INDEX    NO.   510844/2016
   NYSCEF     DOC.   NO.   755                                                                                RECEIVED      NYSCEF:     06/01/2021




                 SUPREME COURT OF THE STATE OF NEW YORK
                 COUNTY OF KINGS
                 ------------------------------X
                 CHERRY HILL GOURMET,INC.,

                                                 Plaintiff,

                          -against-                                                                Index No. 510844/16

                 LUNDY'S MANAGEMENT CORP.,                                                          Motion Seq. No.009

                                                 Defendant.                                    AFFIDAVIT OF GEORGE
                 ------------------------------X                                                    STERGIOPOULOS
                 LUNDY'S MANAGEMENT CORP.,

                                                 Defendant and
                                                 Third-Party Plaintiff,

                           -against-

                  SHEEPSHEAD RESTAURANT ASSOCIATES,INC.,

                                                 Third-Party Defendant.
                 ---------------                          ------------X

                   STATE OF NEW YORK                          )
                                                                   ss..
                   COUNTY OF NEW YORK                         )

                           GEORGE STERGIOPOULOS,being duly sworn, deposes and says:

                           1.       I am the principal of Kenilworth Capital Advisors, LLC("KCA"),a capital markets

                  advisory firm located       in Manhattan.      KLA    specializes in    arranging senior/mezzanine         debt and

                  equity capital for mid-market owners and operators ofcommercial real estate. On an annual basis,

                  KLA underwrites approximately $1 billion in loan volume.

                           2.       I am thoroughly familiar        with New      York real estate and      financial   markets, and

                  I have substantial experience financing commercial real estate, including properties such as the

                  premises    located   at  1901   Emmons      Avenue     in Brooklyn, New        York (the "Premises"), which




                  RE\87804\0002\2929896v1
   FILED:         KINGS       COUNTY         CLERK        06/01/2021             04:35       PM                        INDEX    NO.   510844/2016
   NYSCEF     DOC.   NO.   755                                                                                RECEIVED      NYSCEF:     06/01/2021




                       contains  two commercial      buildings: a  rivo-story "main" building (tlie "Main      Building") and    a

                       three-story "annex" building (the "Annex")

                               3.       KLA    was   engaged   by  Lundy's    Management      Corp. ('`Candy's") in    December

                       2018   to identify  a  lender  that  had  an  interest  in providing   a  leasehold   mortgage    ~~~iththe

                       leasehold beings its sole source of collateral.

                               4.       KLA    obtained  indications  of interest  in financing   the leasehold   mortgage from

                       seven institutions in the first quarter of 2019 at competitive rates and teens.       Copies of the quote

                       sheet, summarizing the indicative bids received by KLA in connection with Lundy's interest, and

                       a letter of intent KLA received ti~om    Dimc Commwlity Bank, arc annexed hereto collectively as

                       Exhibit W.

                                ~.      The  feedback    from  the  market   in response   to our  search  was   ovcr~~hclmingly

                        positive due to the high    amount of cash    flow  being generated from     the Premise, as ~vcll as the

                       fact  that the  Premises    leave been   turned   into aprofit-generating     asset  by  Lundy's    caE~ital

                        investments in the Premises.

                                h.      Based on   market feedback, the fact that the Premises did not have a certificate of

                        occupancy ("CO") had        absolutely   ~ru impact   on  either~t}I~evaluation   of the   interest or  the
                                                                                            M
                        sponsor 's ability to mortgage   itsleasehold  interest with a core' entional lender.




                                                                                       G   ORGE S'I~EERGIOPOULOS
                                                                                     r
                                                                                   J

                        Sworn to before me this
                         —~     day of November, 2019
                       .  ~'~                                    ~,
                                        %
                                       '~
                                       s                '~.


                                 NOTARY P/~BLIC




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