Foreclosure Auction of 12 Elder Care Facilities
Last Updated on Monday, 12 April 2010 12:20 Written by a2e Monday, 12 April 2010 12:20
Tranzon Integrated Property Group (“Tranzon IPG”) and Tranzon Fox (“Tranzon Fox”) announced today that it will be conducting a UCC foreclosure auction with respect to ownership rights to 12 elder care facilities throughout Northern New Jersey in Bergen, Morris, Mercer and Somerset Counties. The portfolio will be sold as a whole and no single facility will be sold individually. Tranzon IPG will be conducting this auction through its newest office in Morristown, NJ.
“These are modern facilities and have experienced management in place making this ideal for either an investor wanting to get exposure to this space without having to manage a negative carry or an existing operator looking to expand through the acquisition of a geographically concentrated group of established facilities in affluent areas,” said Oren Klein, Vice President of Tranzon IPG.
“The foreclosure is for 100% of the membership interests in 11 limited liability companies that own and operate these 12 facilities,” said David Lowry, Vice President of Tranzon Fox. He adds, “while there is no minimum bid, we expect bidding to start around $17,000,000 for the entire portfolio.”
There are a total of 183 units among the facilities, all which specialize in Alzheimer care. All the facilities are licensed group homes and are similar in size. A Property Information Package and other detailed information is available to potential bidders. To download this information go to: www.tranzon.com and look for Property ID: FX7128 or call 973-753-1313.
