Luxury senior housing complex Fox Hill Senior Condominium is being threatened with foreclosure, said management company Sunrise Senior Living (NYSE:SRZ) in a statement obtained by the Washington Post.
“Fox Hill is a one-of-a-kind luxury senior condominium community that has, like many excellent high-end condominium projects, fallen victim to an economic crisis where home sales have steeply declined,” Sunrise Chief Executive Mark Ordan said in a statement Wednesday evening.
While McLean-based Sunrise Senior Living operates the property, it has no equity in the project, according to Ordan.
An approximately $100 million loan is held by a group of German banks which have hired New York-based real estate company Cushman & Wakefield to help find a buyer for the loan, reports the Post.
Fox Hill Senior Condominium opened during the peak of the housing boom, according to the article, but more than half of its 240 units are unsold.
“Although the foreclosure proceedings will be directed by the bank group, we will work to keep residents informed and to provide assistance to help ensure this process is resolved smoothly,” Ordan said. “This is Sunrise’s only condominium project in our portfolio of more than 300 senior living communities.”
Read the original Washington Post article here.
Written by Alyssa Gerace