The opinion
Arena Rec Origination Fin. SPV, LLC v Mahic
2026 NY Slip Op 31053(U)
March 18, 2026
Supreme Court, New York County
Docket Number: Index No. 655533/2025
Judge: Andrea Masley
Cases posted with a "30000" identifier, i.e., 2013 NY Slip
Op 30001(U), are republished from various New York
State and local government sources, including the New
York State Unified Court System's eCourts Service.
This opinion is uncorrected and not selected for official
publication.
file:///LRB-ALB-FS1/Vol1/ecourts/Process/covers/NYSUP.6555332025.NEW_YORK.001.LBLX036_TO.html[03/25/2026 3:45:52 PM]
FILED: NEW YORK COUNTY CLERK 03/19/2026 04:52 PM INDEX NO. 655533/2025
NYSCEF DOC. NO. 23 RECEIVED NYSCEF: 03/18/2026
SUPREME COURT OF THE STATE OF NEW YORK
COUNTY OF NEW YORK: COMMERCIAL DIVISION PART 48
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ARENA REC ORIGINATION FINANCING SPV, LLC, INDEX NO. 655533/2025
Plaintiff,
MOTION DATE --
-v-
MOTION SEQ. NO. 001 001
NED MAHIC,
Defendant. DECISION + ORDER ON
MOTION
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HON. ANDREA MASLEY:
The following e-filed documents, listed by NYSCEF document number (Motion 001) 2, 3, 4, 5, 6, 7, 8,
9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21
were read on this motion to/for JUDGMENT - SUMMARY IN LIEU OF COMPLAINT .
The following e-filed documents, listed by NYSCEF document number (Motion 001) 2, 3, 4, 5, 6, 7, 8,
9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21
were read on this motion to/for JUDGMENT - SUMMARY IN LIEU OF COMPLAINT .
In motion sequence 001, plaintiff ARENA Rec Origination Financing SPV, LLC
(ARENA) moves pursuant to CPLR 3213 for an order granting summary judgment
(a) [a]gainst defendant Ned Mahic (‘Defendant’ or ‘Guarantor’) in the amount of
$13,099,270.83, representing the amount due and owing under that certain
Guaranty as of September 8, 2025, and awarding Default Interest in the amount
of $8,333.33 per diem from June 2, 2025 until entry of judgment and at the
statutory rate pursuant to CPLR 5004 thereafter;
(b) [a]gainst Guarantor for reasonable attorneys’ fees and costs in the amount to
be determined, which have been incurred by Plaintiff in enforcing its rights and
remedies under the Guaranty; and
(c) [a]ppointing a referee to hear and report on reasonable attorneys’ fees and
expenses Guarantor owes to Plaintiff.” (NYSCEF Doc. No. [NYSCEF] 2, Notice
of Motion at 1.)
CPLR 3213 provides that “[w]hen an action is based upon an instrument for the
payment of money only or upon any judgment, the plaintiff may serve with the summons
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FILED: NEW YORK COUNTY CLERK 03/19/2026 04:52 PM INDEX NO. 655533/2025
NYSCEF DOC. NO. 23 RECEIVED NYSCEF: 03/18/2026
a notice of motion for summary judgment and the supporting papers in lieu of a
complaint.” (CPLR 3213.) “In order to qualify for CPLR 3213 treatment, plaintiff must
be able to establish a prima facie case by proof of the agreement and a failure to make
the payments called for thereunder.” (SCP, Inc. v Bermudatel Ltd., 224 AD2d 214, 216
[1st Dept 1996] [citations omitted].) Once the plaintiff makes a prima facie showing, “the
burden shifts to the defendant to establish, by admissible evidence, the existence of a
triable issue with respect to a bona fide defense.” (Cooperative Centrale Raiffeisen-
Boerenleenbank, B.A., “Rabobank Intl.,” NY Branch v Navarro, 25 NY3d 485, 492
[2015] [internal quotation marks and citation omitted].)
Here, plaintiff has made out its prima facie case for summary judgment pursuant
to CPLR 3213 by submitting the loan agreement (NYSCEF 5), the promissory note
(NYSCEF 6), the guaranty (NYSCEF 7; see also NYSCEF 8, Debt Service and Carry
Guaranty), and the demand letter (NYSCEF 9) and notice of default (NYSCEF 10).
(See DB 232 Seigel Mezz LLC v Moskovits, 223 AD3d 610, 611 [1st Dept 2024]
[“[p]laintiff satisfied its prima facie burden on its CPLR 3213 motion for summary
judgment in lieu of complaint by submitting the guaranties executed by defendants, the
underlying loan agreement, and its demand letters establishing the borrower's default
and defendants' failure to perform”].)
In the absence of opposition, defendant has failed to meet his burden of
establishing a bona fide defense.
Accordingly, it is
ORDERED that plaintiff’s motion for summary judgment in lieu of complaint is
granted, and the Clerk of the Court is directed to enter judgment in favor of ARENA and
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FILED: NEW YORK COUNTY CLERK 03/19/2026 04:52 PM INDEX NO. 655533/2025
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against Mahic in the sum of $13,099,270.83, of which $12,500,000 is the unpaid
principal balance, $443,437.50 is the default interest through September 9, 2025,
$30,833,33 is the contract interest through September 9, 2025, $125,000 is the
unreimbursed fees and expenses, and the Clerk of the Court is directed to calculate the
amount of interest from September 9, 2025 to the date of judgment; and it is further
ORDERED that the issue of the amount of attorneys’ fees owed is severed; and
it is further
ORDERED that a Judicial Hearing Officer (JHO) or Special Referee shall be
designated to hear and report to this court on the following issues:
(1) the reasonable value of legal services of ARENA’s counsel to be reimbursed
by Mahic to ARENA; and
(2) costs and expenses under the guaranty except that, in the event of and upon
the filing of a stipulation of the parties, as permitted by CPLR 4317, the
Special Referee, or another person designated by the parties to serve as
Referee, shall determine the aforesaid issues; and it is further
ORDERED that the powers of the JHO/Special Referee shall not be limited
beyond the limitations set forth in the CPLR; and it is further
ORDERED that this matter is hereby referred to the Special Referee Clerk for
placement at the earliest possible date upon the calendar of the Special Referees Part
(Part SRP), which, in accordance with the Rules of that Part (which are posted on the
website of this court), shall assign this matter at the initial appearance to an available
JHO/Special Referee to hear and report as specified above; and it is further
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FILED: NEW YORK COUNTY CLERK 03/19/2026 04:52 PM INDEX NO. 655533/2025
NYSCEF DOC. NO. 23 RECEIVED NYSCEF: 03/18/2026
ORDERED that parties shall immediately consult one another and Reed Smith
LLP shall, within 15 days from the date of this Order, submit to the Special Referee an
Information Sheet (accessible at the “References” link on the court’s website) containing
all the information called for therein and that, as soon as practical thereafter, the Special
Referee Clerk shall advise counsel for the parties of the date fixed for the appearance of
the matter upon the calendar of the Special Referees Part; and it is further
ORDERED that on the initial appearance in the Special Referees Part the parties
shall appear for a pre-hearing conference before the assigned JHO/Special Referee
and the date for the hearing shall be fixed at that conference; the parties need not
appear at the conference with all witnesses and evidence; and it is further
ORDERED that, except as otherwise directed by the assigned JHO/Special
Referee for good cause shown, the trial of the issue(s) specified above shall proceed
from day to day until completion and counsel must arrange their schedules and those of
their witnesses accordingly; and it is further
ORDERED that counsel shall file memoranda or other documents directed to the
assigned JHO/Special Referee in accordance with the Uniform Rules of the Judicial
Hearing Officers and the Special Referees (available at the “References” link on the
court’s website) by filing same with the New York State Courts Electronic Filing System
(see Rule 2 of the Uniform Rules); and it is further
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Motion No. 001 001
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FILED: NEW YORK COUNTY CLERK 03/19/2026 04:52 PM INDEX NO. 655533/2025
NYSCEF DOC. NO. 23 RECEIVED NYSCEF: 03/18/2026
ORDERED that any motion to confirm or disaffirm the Report of the JHO/Special
Referee shall be made within the time and in the manner specified in CPLR 4403 and
Section 202.44 of the Uniform Rules for the Trial Courts.
3/18/2026
DATE ANDREA MASLEY, J.S.C.
CHECK ONE: CASE DISPOSED X NON-FINAL DISPOSITION
□
X GRANTED DENIED GRANTED IN PART OTHER
APPLICATION: SETTLE ORDER SUBMIT ORDER
□
CHECK IF APPROPRIATE: INCLUDES TRANSFER/REASSIGN FIDUCIARY APPOINTMENT REFERENCE
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