Bankruptcy Auction – United States Bankruptcy Court District of Connecticut Hartford Division
In Re: Bailey Hill Management, LLC – Case # 16-20005-JJT
TWO PRIME DEVELOPMENT OPPORTUNITIES
#1) 388,000 Sq Ft Approved Mixed-Use Subdivision
56.3 Acres with 212 Residential Units
#2) 30 Lot/12.55 Acre Proposed Subdivision
- General Overview:
- 5 Minutes to I-395 (Exit 41) and the Dayville/Killingly Retail District (Lowe’s, Petco, Planet Fitness, Staples, Stop & Shop, Target, Walgreens & Many Others)
- 30 Minutes to Downtown Providence, Rhode Island
- 35 Minutes to Foxwoods & Mohegan Sun Casinos
- 35 Minutes to T.F. Green Airport & 1 Hour to Bradley International Airport
- Public Water, Sewer & Cable Available at Property
- Properties Available in Bulk or Individually
- Favorable Financing Available with Only 30% Down
- No Minimum Bids – Absolute Auction, Subject Only to Court Approval
- #1) 963 Bailey Hill Road, East Killingly, CT 06241
- 56.3 Enchanting Acres with 2 Ponds, 75′ Waterfall & Magnificent Stone Wall Dam
- Currently Improved with a 19th Century 1-3 Story Former Mill Building and Substantially Complete Model Unit & Sales Office
- Plans for 388,000 Sq Ft Development
- Phase I (Fully Approved for 57 Residential Units + Commercial):
- Mill Building: Renovation of Original 3-Story/33,462 Sq Ft Structure (Demolition of Remaining Mill)
- 25 Flats
- 7 Townhouses
- 6,044 Sq Ft Commercial
- 2,000 Sq Ft Restaurant
- 17 Townhouse Units
- 8 Attached Single Family Homes
- Community Pool & Office
- Phase II (Fully Approved for 56 Residential Units):
- 13 Townhouse Units
- 43 Attached Single Family Homes
- Phase III (Concept Plan Approved for 99 Residential Units):
- 99 Units Comprised of Townhouses, Attached & Detached Homes and Duplex Residences
- Only Required Final Site Plan for Final Approval
- Additional Information:
- Zoning: MMUDD, Mill Mixed-Use Development District
- Annual Real Estate Taxes: $14,381
- #2) 291 Slater Hill Road, East Killingly, CT 06241
- 12.55 Picturesque Acres Improved with 1,071 Sq Ft Home & 880 Sq Ft Garage
- Proposed Plans for 30 Lot Subdivision
- Zoning: MD, Medium Density District (Single Family)
- Annual Real Estate Taxes: $2,120
Viewings: Substantially vacant land, inspect freely or call for an appointment.
Overview of Sales Process: The properties will be offered for sale in bulk and individually and will be sold whichever way realizes the most money. This is a two-step bidding process. The first step is the submission of binding, sealed bids that are due April 18th. The 3 highest bidders for each individual offering and the 3 highest bidders for the bulk offering will be invited to bid at the live auction on April 20th. Please Note: If two equivalent bids are received, the best bidder will be identified as the first bid received.
Sealed Bid/Bidder Qualification Deadline: Tuesday, April 18, 2017 before 4:00 pm. Signed Terms & Conditions of Sale, signed Offer & Bidder Registration Form and Deposit must be included for consideration. See attached Terms & Conditions of Sale for details or call David Constantino (x205) or Richard Maltz (x202) for additional information.
Sealed Bid Delivery Location: Richard Maltz, Maltz Auctions, Inc., 39 Windsor Place, Central Islip, NY 11722.
Auction Date & Time: Thursday, April 20, 2017 at 11:00 am. Only Qualified Bidders as defined in the Terms & Conditions of Sale are qualified to participate.
Auction Location: Murtha Cullina, CityPlace I, 185 Asylum Street, 29th Floor, Hartford, CT 06103.
Terms & Conditions of Sale: Properties sold free and clear of all monetary liens. All prospective bidders must include a cashier’s check in the amount of 10% of the bid amount made payable to “Bailey Hill Management, LLC DIP”. The second and third highest bidders may be asked to bring an additional deposit (cashier’s check) to the live auction to increase their respective deposit to a total of 10% of the highest sealed bid. Please download the complete Terms & Conditions of Sale.
Buyer’s Premium: A six (6%) percent Buyer’s Premium will be added to the Successful Bidder’s high bid to determine the contract price to be paid by the Successful Bidder.
Buyer Broker Participation: A two (2%) percent commission will be paid to any properly licensed Buyer Broker who registers a successful buyer in accordance with the Buyer Broker guidelines. Please download the Broker Participation form for details.
Financing: Current lender shall offer a secured first mortgage to any successful bidder on the property under the following general outline of terms: 30% Minimum Down Payment (Plus Buyer’s Premium), 6% Annual Interest Rate, Monthly Interest-Only Payments, 2-Year Term & Personal Guarantee. Two 1-Year Options Available at 10% Annual Interest Rate and Subject to Additional Fees/Terms.
Jeffrey Hellman, Attorney for the Chapter 11 Debtor & Debtor in Possession
Richard B. Maltz, Auctioneer DCA# 1240836
David A. Constantino, Auctioneer DCA# 1424944
Richard B. Maltz, Licensed Real Estate Broker
Phone (516) 349-7022 Fax (516) 349-0105
The Real Properties are being sold “AS IS” “WHERE IS”, “WITH ALL FAULTS”, without any representations, covenants, guarantees or warranties of any kind or nature, and free and clear of any liens, claims, or encumbrances of whatever kind or nature, with such liens, if any, to attach to the proceeds of sale in such order and priority as they existed immediately prior to the Closing, and the sale of the Real Properties is subject to, among other things (a) any state of facts that an accurate survey may show; (b) any covenants, restrictions and easements of record; (c) any state of facts a physical inspection may show; (d) any building or zoning ordinances or other applicable municipal regulations and violations thereof; and (e) environmental conditions. By delivering their respective Deposits, all Potential Buyer acknowledge that they have had the opportunity to review and inspect the Real Properties, the state of title thereof and laws, rules and regulations applicable thereto, and will rely solely thereon and on their own independent investigations and inspections of the Real Properties in making their offers. Neither Maltz, the Chapter 11 Debtor & Debtor in Possession, the Attorney for the Chapter 11 Debtor & Debtor in Possession nor any of their collective representatives makes any representations or warrantees with respect to the permissible uses of the Real Properties including, but not limited to, the zoning of the Real Properties. All Bidders acknowledge that they have conducted their own due diligence in connection with the Real Properties and are not relying on any information provided by Maltz, the Chapter 11 Debtor & Debtor in Possession, the Attorney for the Chapter 11 Debtor & Debtor in Possession, or their professionals. The Real Properties will be sold subject to any and all violations or conditions requiring corrective action. The information contained herein was derived from sources deemed reliable, but is not guaranteed. Most of the information provided has been obtained from third party sources and has not been independently verified. It is the responsibility of the Buyer to determine the accuracy of all components of the sale and the Real Properties. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the Real Properties, including without limitation, environmental and physical condition of the Real Properties. All prospective bidders are urged to conduct their own due diligence prior to submitting an offer. Bid rigging is illegal and suspected violations will be reported to the Department of Justice for investigation and prosecution.