A New Jersey assisted living community will go to auction later this week, after being foreclosed upon by the state housing and mortgage finance authority more than a year ago.
Paragon Village, located about 50 miles west of New York City in Mount Olive, New Jersey, has maintained private ownership since its opening in 2001, according to a local report in the Mt. Olive Chronicle. It includes 70 independent living units and 82 assisted living units including 20 for memory care.
After the owners and brothers, Larry and Vincent Paragano defaulted on their debt, the N.J. Housing and Mortgage Finance Agency foreclosed on the property in 2012.
Now it is facing the auction block, scheduled to go to the highest bidder later this week, the report states.
The community has remained around 90% occupancy since the foreclosure, sources told the Mt. Olive Chronicle, and has been operated since its inception by Philadelphia-based Hospiconn; an operator of 10 facilities in New Jersey, according to its website.
Paragon Village currently is assessed at $15,138,300 and is expected to pay about $463,383 in property taxes this year, the local report states. The community’s administrators told the publication they have given tours to more than two dozen prospective buyers from Chicago, Dallas, San Diego and New Jersey.
Bids are expected to open this week.
The New Jersey Housing and Mortgage Finance Agency had not returned a request for comment as of press time.
Written by Elizabeth Ecker