"Southeast Washington - Marshall Heights"

Law Offices of
Gebhardt & Smith LLP
One South Street, Suite 2200
Baltimore, Maryland 21202

SUBSTITUTE TRUSTEES’ SALE

SOUTHEAST WASHINGTON
“Marshall Heights”

TWO PARTIALLY COMPLETED
THREE STORY TOWNHOMES

Generally Known As:
5302 AND 5304 F STREET, S.E.
Near Benning Road, S.E.
WASHINGTON, DC 20019

      Under and by virtue of the power of sale contained in that certain Refinance Deed of Trust, Security Agreement and Fixture Filing with Assignment of Leases and Rents dated June 25, 2019 from Lockhart Holdings LLC (“Grantor”) to the trustees named therein (“Original Trustees”) for the benefit of BRELF IV, LLC (“Original Lender”) and recorded among the land records at the District of Columbia Recorder of Deeds (“Recorder of Deeds”) on July 3, 2019 at Document #2019070221, as amended by that certain First Amendment to Deed of Trust, Security Agreement and Fixture Filing with Assignment of Leases and Rents dated May 21, 2020 from Grantor to the Original Trustees for the benefit of BRMK Lending, LLC, successor in interest by merger to the Original Lender (“BRMK”), and recorded among the Recorder of Deeds on May 28, 2020 at Document #2020062089, as further amended by that certain Second Amendment to Deed of Trust, Security Agreement and Fixture Filing with Assignment of Leases and Rents dated March 9, 2022 from Grantor to the Original Trustees for the benefit of BRMK and recorded among the Recorder of Deeds on October 12, 2022 at Document #2022103101, as assigned by BRMK to ReadyCap Commercial, LLC (“ReadyCap”), pursuant to that certain Assignment of Deed of Trust, Security Agreement and Fixture Filing with Assignment of Leases and Rents dated April 1, 2024 from BRMK to ReadyCap and recorded among the Recorder of Deeds on June 21, 2024 at Document #2024057794, as further assigned by ReadyCap to Ready Term Holdings, LLC (“Ready Term”), pursuant to that certain Assignment of Security Instrument dated August 15, 2024 from ReadyCap to Ready Term and recorded among the Recorder of Deeds on August 26, 2024 at Document #2024079509, and as further assigned by Ready Term to RCH Term Holdings, LLC (“Noteholder”) pursuant to that certain Assignment of Security Instrument dated December 16, 2024 from Ready Term to the Noteholder and recorded among the Recorder of Deeds on January 10, 2025 at Document #2025003177 (“Deed of Trust”), the Noteholder having subsequently appointed Michael G. Gallerizzo and Richard A. DuBose Ill as Substitute Trustees (“Substitute Trustees”) in the place of the Original Trustees under the Deed of Trust by a Deed of Appointment of Substitute Trustees recorded on August 18, 2026 at the Recorder of Deeds at Document #2026082192, default having occurred under the terms of the Deed of Trust and at the request of the Noteholder, and pursuant to a Notice of Foreclosure Sale of Real Property or Condominium Unit filed on August 20, 2026 at the Recorder of Deeds at Document #2026082949 in accordance with DC Code § 42-815 and the applicable laws of the District of Columbia, the Substitute Trustees will offer for sale to the highest qualified bidder at a public auction to be held at the premises, on:

WEDNESDAY, OCTOBER 7, 2026
AT 1:00 P.M.

      ALL THAT piece, tract or parcel of land situate, lying and being in the District of Columbia, together with any buildings, structures, improvements and appurtenances thereon, more particularly described as follows (collectively, the “Property”):

Lot 17 in Block 47 ( said block 47 taxed as Square 5298) in a subdivision known as “Marshall, as per plat recorded in Liber County 6 at Folio 39 in the Office of the Surveyor for the District of Columbia.

      Property Address: 5302 F Street, S.E., Washington, DC 20019 and 5304 F Street S.E., Washington, DC 20019.

      Note: As of the date hereof, the above described Property is designated on the records of the Assessor of the District of Columbia for assessment and taxation purposes as Square 5298, Lots 35 and 36.

      The Property is believed to consist of two (2), three (3) story, partially constructed townhomes, each containing four (4) bedrooms, three and a half (3.5) baths and a kitchen, with a total living area for each townhouse unit of 1,886 square feet. Each townhouse unit is also believed to be improved by an outdoor deck with a balcony.

      The Property will be sold as the entirety.

      TERMS OF SALE: A. J. Billig & Co., LLC (“Auctioneer”) and Michael G. Gallerizzo, Substitute Trustee (“Subject Trustee”), will conduct the sale of the Property. A deposit (the “Deposit”) in the amount of Fifty Thousand Dollars ($50,000.00) shall be paid by cash, certified check, or cashier’s check by the successful bidder (“Purchaser”) to the Subject Trustee at the time and place of sale. The Purchaser shall be required to increase the amount of its Deposit to ten percent (10%) of its successful bid amount within three (3) business days of the date of the sale by delivering to the Subject Trustee certified funds in the amount necessary to bring such Purchaser’s Deposit amount to ten percent (10%) of its successful bid amount (the “Additional Deposit”). The Subject Trustee will require all potential bidders to qualify prior to the commencement of bidding by showing evidence of their ability to deliver the required Deposit at the time of the sale.

      The balance of the purchase price bid by the Purchaser for the Property, together with interest thereon at a rate of eight percent (8%) per annum from the date of sale to the date of settlement, shall be due from the Purchaser to the Subject Trustee by wire transfer or certified check within thirty (30) calendar days from the date of sale, unless such closing deadline is extended in writing by the Subject Trustee. Time is of the essence. If settlement is delayed for any reason, there shall be no abatement of interest on the unpaid purchase price. Settlement shall be held at such place as may be agreed to by the Subject Trustee. In the event the Noteholder, or an affiliate or subsidiary thereof, is the successful bidder at the sale, such party will not be required to make the Deposit or Additional Deposit or to pay interest on the unpaid purchase money. The Subject Trustee reserves the right to reject any and all bids, to extend the time for settlement, and to withdraw the Property from the sale for any reason.

      The Property is being sold in an “AS IS” condition and without any warranties or representations of any kind, either express or implied, as to the value, nature, condition, use or description of the Property or the improvements thereon. The Property is also being sold subject to: (a) any existing building or zoning code violations; (b) any construction defects existing with respect to the Property or the improvements thereon; (c) any environmental problems and conditions, lead paint conditions, encroachments and/or violations which may exist on or with respect to the Property; (d) any senior liens, encumbrances, easements, conditions, restrictions, agreements, declarations or covenants of record which are not extinguished as a matter of law by the foreclosure sale; (e) any rights of redemption; and (f) such state of facts that an accurate survey or physical inspection of the Property might disclose. The Purchaser is responsible for conducting its own due diligence regarding the Property.

      All senior liens, real estate taxes, condominium fees, homeowner association charges, water charges, other municipal charges and assessments, and all other amounts or charges owed against the Property which are not extinguished as a matter of law by the foreclosure sale, shall be the sole responsibility of the Purchaser and shall be paid for by the Purchaser at settlement. The cost of all documentary stamps, recordation taxes, transfer taxes, document preparation costs, title examination costs and other costs associated with conveying the Property to the Purchaser shall also be the sole responsibility of the Purchaser and shall be paid for by the Purchaser at settlement.

      The Purchaser at the foreclosure sale shall assume the risk of loss for the Property immediately after the sale takes place. It shall be the Purchaser’s responsibility to obtain possession of the Property after closing. The Purchaser shall not be entitled to receive any rent relating to the Property until the Purchaser pays the entire purchase price for the Property to the Subject Trustee and otherwise closes on its purchase of the Property.

      In the event the Purchaser fails to go to settlement and pay the entire purchase price to the Subject Trustee as required and within the time period prescribed herein, in addition to any other legal or equitable remedies available to the Subject Trustee and the Noteholder, the Subject Trustee may declare the aforementioned deposit forfeited by the Purchaser and resell the Property at the Purchaser’s sole risk and expense. In such event, the defaulting Purchaser shall be liable for the payment of any deficiency in the purchase price sustained by the Substitute Trustees and/or the Noteholder, all costs and expenses of both sales, attorneys’ fees, and any other damages sustained by the Substitute Trustees and/or the Noteholder, including, without limitation, all incidental damages. In the event a resale of the Property results in a sale in excess of the amount originally bid by the defaulting Purchaser, the defaulting Purchaser waives any and all claims, rights and interest to any such excess amount and shall not be entitled to any distribution whatsoever from the resale proceeds or a return of any portion of the Purchaser’s forfeited deposit.

      If, for any reason, the Substitute Trustees are unable to convey the Property to the Purchaser, the Purchaser’s sole remedy at law or in equity shall be limited to a refund of the aforementioned deposit, without interest thereon. Upon refund of the deposit to the Purchaser as aforesaid, the sale shall be void and of no effect, and the Purchaser shall have no further claim against the Substitute Trustees, the Noteholder or the Auctioneer conducting the sale of the Property.

      The parties’ respective rights and obligations regarding the terms and conduct of the sale shall be governed by the laws of the District of Columbia. The use of the singular herein shall include the plural and the plural the singular.

Michael G. Gallerizzo and Richard A. Dubose III,
Substitute Trustees