Public Notice

UCC FORECLOSURE SALE

$19.8 MILLION | INDIRECT INTEREST IN A 0.45 ACRE PRE-DEVELOPMENT SITE | FLUSHING, NEW YORK

 

NOTICE OF SECURED PARTY SALE AT PUBLIC AUCTION:

 

Notice is hereby given that DW Commercial Real Estate, LLC, a Delaware limited liability company (the “Secured Party”), will offer for sale at public auction the following property:

 

  1. All right, title and interest of JSH INVESTMENTS, LLC, a New Jersey limited liability company, in and to 100% of the limited liability company interest in HAJJAR MEDICAL OFFICE BUILDING OF FLUSHING, LLC, a New York limited liability company;

 

  1. All of the other “Collateral” as such term is defined in that certain Pledge and Security Agreement in favor of Secured Party dated as of August 31, 2018 (the “Pledge Agreement”) (such interest and such other Collateral are collectively referred to as the “Equity Interest”).

 

At the sale, the Equity Interest will be offered as a single asset and not in parts or as separate assets. All interested prospective purchasers are invited to attend and bid at the sale.

 

Based upon applicable information—diligence files available upon execution of a confidentiality agreement—it is the understanding of Secured Party (without any warranty or representation by Secured Party as to the accuracy or completeness of the following matters) that the above referenced Equity Interest represents ownership and control over the property owner that owns an approximately 0.45 acre pre-development site in Flushing, New York.

 

Please note that any associated securities are not registered.

The Secured Party reserves the right to accept or reject any bid and shall not be obligated to make any sale pursuant to this notice (but if any such sale is made, it will be made to the highest qualified bidder at the sale). The Secured Party reserves the right to credit bid any and all indebtedness of the Company to Secured Party secured by the Pledge Agreement and become the purchaser at the Sale.

 

THE EQUITY INTEREST WILL BE SOLD PURSUANT TO APPROPRIATE TRANSFER DOCUMENTS ON AN “AS IS, WHERE IS, WITH ALL FAULTS” BASIS AND WITHOUT REPRESENTATIONS OR WARRANTIES OF ANY KIND OR NATURE WHATSOEVER, INCLUDING, WITHOUT LIMITATION, ANY REPRESENTATION OR WARRANTY OF MERCHANTABILITY OR FITNESS.

The Equity Interest is an unregistered security under the Securities Act of 1933, as amended (the “Securities Act”). Because of this and the fact that the Equity Interest is being sold as a block, the purchaser of the pledged Equity Interest will be required to execute a letter making certain representations regarding the Securities Act and applicable state blue sky laws.

The sale will be subject to bidding rules posted to the data room. A bid deposit of $500,000.00 in the form of a cashier’s check or certified check or other immediately available funds payable to “DW Commercial Finance, LLC” will be required in order to bid, which deposit shall be returned if the person making the deposit is not the successful bidder. The balance will be due upon the conclusion of the sale. All bids must be accompanied by evidence satisfactory to Secured Party in its sole and absolute discretion of the bidder’s ability to make payment of the balance of the purchase price. Consummation of sale will be made immediately upon receipt of payment of the full bid price by delivery of an assignment of Equity Interest, specifying the transfer “AS-IS, WHERE-IS, WITH ALL FAULTS” and without representation or warranty. Other terms and conditions will be announced at or prior to the time of sale, and any of the foregoing may be waived or modified by the Secured Party in its discretion. Secured Party may adjourn or cancel the sale hereby advertised or cause such sale to be adjourned from time to time, without written notice or further publication, by announcement at the time and place appointed for such sale, or any adjournment, and, without further notice or publication, such sale may be made at the time or place to which the sale may have been so adjourned.

The Pledge Agreement and the Transfer Documents and information relating to the Equity Interest, the Company, the real property indirectly owned and controlled by the Company (the “Property”), and certain other information are available for review by a qualified prospective bidder by contacting the person named below. Potential bidders are encouraged to perform such due diligence as they deem necessary. All prospective bidders and others receiving or examining non-public information may be required to enter into a nondisclosure agreement and keep the information strictly confidential. No information provided to a prospective bidder in response to any such request shall constitute a representation or warranty of any kind with respect to such information, the Equity Interest, the Company, the Property or the public sale.

Upon execution of a non-disclosure agreement, prospective bidders are entitled to an accounting of the unpaid indebtedness secured by the collateral that the Secured Party intends to sell. You may request an accounting by contacting Houdin Honarvar, General Counsel, DW Commercial Finance, LLC, 590 Madison Avenue, 13th Floor, New York, New York 10022, (212) 751-6130, [email protected] Date & Location:

The sale will take place beginning at 10:30 AM EST on Tuesday, October 29, 2019 at the offices of Windels Marx Lane & Mittendorf, LLP, 156 West 56th Street, New York, NY 10019 (the “Sale”).

 

Outstanding Principal Balance:

The outstanding balance as of September 1, 2019 is $19,822,133.33, which includes the principal balance of $19,600,000 and interest from August 1, 2019 through and including September 1, 2019 totaling $222,133.33. This amount continues to increase and is subject to verification prior to the Auction Date.

 

If you are interested in obtaining additional information and obtaining access to the Virtual Data Room, you may contact any of the following JLL representatives: Tom Hall ([email protected]; 212.209.4501) or Chris Comerford ([email protected]; 212.632.1809).

 

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