UNITED STATES COURT OF APPEALS FOR THE THIRD CIRCUIT _________________

No. 24-1108 _________________ US BANK NA, as Trustee for the Registered Holders of J.P. Morgan Chase Commercial Mortgage Securities Corp., multifamily Mortgage Pass-through Certificates, Series 2012-K18

v.

B R PENN REALTY OWNER LP,

Appellant ____________________________________________

On Appeal from the United States District Court for the Eastern District of Pennsylvania (District Court No. 2:21-cv-00502) District Judge: Honorable Wendy Beetlestone ____________________________________________

Argued on September 23, 2024

Before: KRAUSE, BIBAS, and AMBRO, Circuit Judges

(Opinion filed May 8, 2025) Benjamin A. Garber (ARGUED) KLEINBARD LLC Three Logan Square 1717 Arch Street, 5th Floor Philadelphia, PA 19103 Counsel for Appellant Paul Ort Raymond A. Quaglia (ARGUED) BALLARD SPAHR 1735 Market Street, 51st Floor Philadelphia, PA 19103 C