A foreclosure auction for a Bethesda, Md. luxury senior housing condominium managed by Sunrise Senior Living (NYSE:SRZ) was cancelled on Friday, June 8.
News that The Fox Hill Club & Residences was headed for foreclosure broke in early Spring, but Sunrise’s CEO Mark Ordan emphasized in a statement obtained by the Washington Post that the management company has no equity in the senior housing residence.
“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,” Ordan said in that statement.
A group of German banks hold an approximately $100 million loan for the property and had hired New York-based real estate company Cushman & Wakefield to find a buyer for the loan.
The substitute trustee’s sale was for 165 units (consolidated into 161) of senior living condo units along with rights to a non-residential condo unit for parking and storage and Unit 1 located within the complex, located at 8300 Burdette Rd. in Bethesda, Md.
Alex Cooper Auctioneers, Inc., based in Towson, Md., and Washington, D.C., held the listing for the auction, which was supposed to take place last Friday morning at The Circuit Court for Montgomery County, Md.
Kenneth Samuelson, the substitute trustee for the sale out of Washington, D.C.-based Samuelson Law Offices, LLC, declined to provide a comment as to why the auction did not take place.
View the listing here.
Written by Alyssa Gerace