UCC Public Sale Notice
Please take notice that Hilco Real Estate, on behalf of IRP Fund II Trust 1B (or any successor thereto, the “Secured Party”), offers for sale at public auction under Article 9 of the Uniform Commercial Code, to be held virtually on August 8, 2023 at 11 a.m. Eastern Time, 100% of the limited liability company membership interests (the “Interests”) in 7 Campus NJ, LLC (the “Borrower”) pledged by 7 Campus NJ Members, LLC (the “Member”) to Secured Party. The Borrower is the owner of a three-story office located at 7 Campus Drive, Parsippany-Troy Hills Township, Morris County, New Jersey, as well as related real and personal property interests (collectively, the “Property”).
The Secured Party holds a loan to the Borrower secured by, among other things, a first priority lien on the Interests pledged by the Member. The Secured Party is offering the Interests for sale in connection with the foreclosure on the pledge of such Interests. The amount of the secured obligations owed to the Secured Party is in excess of $13.6 million.
The Interests are being offered as a single lot on an “as-is, where-is”, with no express or implied warranties, representations, statements or conditions of any kind made by the Secured Party or any person acting for or on behalf of the Secured Party, without any recourse whatsoever to the Secured Party or any other person acting for or on behalf of the Secured Party. The winning bidder shall be responsible for the payment of all transfer taxes, stamp duties and similar taxes incurred in connection with the purchase of the Interests.
The Secured Party reserves the right to credit bid, set a minimum reserve price, reject any or all bids (including without limitation any bid that it deems to have been made by a bidder that is unable to satisfy the requirements imposed by the Secured Party upon prospective bidders in connection with the sale or to whom in the Secured Party’s sole judgment a sale may not lawfully be made) and terminate or adjourn the sale to another time, without further notice. The Secured Party further reserves the right to restrict prospective bidders to those who will represent that they are purchasing the Interests for their own account for investment not with a view to the distribution or resale of such Interests, to verify that the certificate for the Interests to be sold bears a legend substantially to the effect that such interests have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and may not be disposed of in violation of the provisions of the Securities Act and to impose such other limitations or conditions in connection with the sale of the Interests as the Secured Party deems advisable in order to comply with the Securities Act or any other applicable law.
All bids (other than credit bids of the Secured Party) must be for cash, and the successful bidder must be prepared to deliver immediately available good funds within 60 days after the sale (unless otherwise agreed by Secured Party) and otherwise comply with the bidding requirements. Further information concerning the Interests, the requirements for obtaining information and bidding on the interests and the Terms of Sale are available upon request to Jonathan Cuticelli.
This is a secured party sale of 100% of the limited liability company membership interests in 7 Campus NJ, LLC and the underlying asset is believed to consist of:
- 7 Campus Drive, Parsippany-Troy Hills, NY - a three-story office building
Send all completed Confidentiality Agreements to Jonathan Cuticelli at [email protected]
187-189 Eagle Rock Avenue, Roseland, NJ, US
SqFt: Inquire -- Office for Sale
The information above is from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice.