UCC Article 9 Foreclosure Auction: Hightstown Development

Description

AUCTION HAS BEEN TEMPORARILY STAYED PENDING COURT ORDER. UCC Article 9 Foreclosure Sale of the Minority Member's Membership Interests in the Limited Liability Company: 3PRC, LLC, the developer of Bank Street Village (f/k/a City Line at Hightstown). This development will consist of 343 apartment units in three buildings, 43 townhouses, parking structures, related amenities, appurtenant structures & improvements.  Auction will be held virtually via-zoom on November 9th at 11:00 AM ET. 

For Notice of Sale and Terms & Conditions of Auction, please download materials provided in the Data Room set up for this sale and accessible through this AuctionAdvisors.com website. Also, included in the data room are important diligence materials about the project and about the Membership Interests being sold.  Please review these materials carefully before bidding, including those Important Disclosures (including the requirement that any purchaser of thse Membership Interests may be subject to additional capital contributions, which are crrently anticipated to be almost $13 Million).   

Bidders are advised that the Membership Interests are the subject of certain equitable releif sought by teh Debtor in a pending proceeding in the Superior Court of New Jersey, Law Division, Somerset County captioned as 3P Hightstown LLC vs PRC Group  et al., Docket # SOM-L-001006-21 (the "Litigation"). Neither Auctioneer nor Secured Party makes any represenattions or warranties with respect to the nature, extent or validity of the claims asseretd in the Litigation but presents the foregoing disclosure solely for informational purposes.   

Documents

Auction Information

Due Diligence Information

* Requires confirmation of Online Agreement

Terms & Conditions

  • Buyers Premium:

    NA

  • Closing:

    TBD

  • Deposit Amount:

    $250,000 in order to Bid, to be increased to 25% of the highest bid amount promptly after auction.   

  • Broker Co-op:

    NA

Inspection

By Appointment with Auctioneer

Auction Information

Due Diligence Information

* Requires confirmation of Online Agreement

  • Buyers Premium:

    NA

  • Closing:

    TBD

  • Deposit Amount:

    $250,000 in order to Bid, to be increased to 25% of the highest bid amount promptly after auction.   

  • Broker Co-op:

    NA

By Appointment with Auctioneer

Auction Info:

  • Property Type
    Mixed Use Residential
  • Property Location
    N. Academy & 101 Bank Street
    Hightstown, NJ
  • Auction Location
    On-Site

Property Map



Auction Contact(s):

Joshua Olshin

Oren Klein

  • Email Oren
  • W: (212) 375-1222 x703
    F: (212) 202-6267