Kensington Apartment Properties, LLC v. Loanvest IX, L.P.

UNITED STATES DISTRICT COURT

NORTHERN DISTRICT OF CALIFORNIA

KENSINGTON APARTMENT Case No. 19-cv-05749-VC

PROPERTIES, LLC,

Plaintiff, ORDER GRANTING MOTION FOR

JUDGMENT

v.

LOANVEST IX, L.P., et al., Defendants.

After a long, tortured, bizarre journey, this case has finally reached the point where judgment can be entered. Because the record is both voluminous and opaque, this ruling summarizes how the case finally reached its conclusion (at least at the trial court level). I The plaintiff is Kensington Apartment Properties, LLC. In 2007, Kensington borrowed $484,000 from Loanvest IX. See Dkt. No. 15-4 at 6; Dkt. No. 15-6 at 3. The loan was secured by a parking garage that Kensington owned, along with some other real estate. See Dkt. No. 15-4 at 6; Dkt. No. 15-6 at 3. Another company, Landmark West LLC, was a co-obligor on the loan. See Dkt. No. 15-4 at 6; Dkt. No. 15-6 at 3. Financial troubles hit in 2010. Hamstrung by the recession, both Kensington and Landmark went bankrupt before they could pay off the loan. Dkt. No. 15-4 at 6–8. Each company initiated a separate Chapter 11 proceeding and finalized its own Chapter 11 plan. See Dkt. No. 15-4 at…