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Packard Square LLC v. Canyon Partners LLC

Transfer of Suit Over Loan, Mortgage to Michigan's Eastern District Explained

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OPINION & ORDER  This action concerns a $50 million loan and mortgage entered into between Plaintiff Packard Square LLC and an entity created by Defendants Canyon Partners LLC and Canyon Partners Real Estate LLC for the development of a luxury apartment and high-end retail complex in Ann Arbor, Michigan. Plaintiff seeks compensatory and other damages arising from Defendants’ alleged “weaponizing” of the loan to charge exorbitant interest fees and ultimately force control of the property out of Plaintiff’s hands and into Defendants’. Plaintiff is incorporated in Michigan. The loan and mortgage agreements specify Michigan law and the courts of Michigan. The project was located in Michigan. A Michigan-based receiver was appointed to control the project by a Michigan state court. There are several other court proceedings relating to the same project in Michigan. Yet Plaintiff chose to file this action in the Southern District of New York.Defendants move to transfer the case to the Eastern District of Michigan, which Plaintiff opposes. Pursuant to 28 U.S.C. §1404(a), the Court GRANTS the motion to transfer.BACKGROUNDPlaintiff Packard Square LLC (“Packard Square”) is incorporated and does business in Michigan. (Dkt. 28

1, 4.) Defendants Canyon Partners LLC and Canyon Partners Real Estate LLC (together “Canyon”) are companies incorporated in Delaware and headquartered in California that loaned $53,783, 184 — through an entity formed for the purpose of facilitating the loan, Can IV Packard Square LLC (“Can IV”) — to Packard Square for the development of a luxury apartment and high-end retail complex in Ann Arbor, Michigan (the “Packard Square project”). (Id.

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