Post by The Ultimate Nullifier on Jun 25, 2016 16:55:00 GMT -6
www.f4wonline.com/daily-updates/daily-update-roh-rampage-nxt-results-john-cena-215251
WWE is looking to buy AmeriCares headquarters on Hamilton Avenue, in Stamford, CT. WWE bid $27 million for the office complex.
m.stamfordadvocate.com/news/article/Bankrupt-Seaboard-Realty-auctions-six-of-eight-8321395.php
WWE bids $27 million for office complex in bankrupt developer’s fire sale
WWE made a bid for the Hamilton Avenue office complex that houses its television studios and the AmeriCares world headquarters, shown here in this file photo.
STAMFORD — WWE has emerged as a player in bankrupt developer Seaboard Realty’s fire sale of eight city properties with a $27 million bid for the AmeriCares headquarters on Hamilton Avenue.
The wrestling entertainment empire, which houses its growing television production studios in the flexible office complex, offered $3 million above the minimum price set by the court-approved sale coordinator.
“An opportunity arose that made sense for us to pursue,” WWE said in an emailed statement Friday. “If we’re successful in the purchase of the building, WWE would become the building’s landlord and assumes the previous owner’s lease obligations.”
WWE, which has its own global headquarters on East Main Street, joined more than 100 bidders seeking to snap up prime city real estate at attractive prices.
If approved, the Courtyard Marriott hotel on Summer Street and Park Square West apartments would go to the same bidder, Annemid LLC, which is owned by the real estate capital solutions company, UC Funds. Annemid made cash offers of $26 million for the hotel and $40 million for the apartments, well above the minimum prices set at $18 million and $27 million, respectively.
An auction for the two other Stamford properties — 1 Atlantic St. and 100 Prospect St. — will be rescheduled after Monday’s bidders failed to make offers above the debt owed on each property.
Seaboard Realty, which is now led by chief restructuring officer Marc Beilinson, has until 4 p.m. Tuesday to accept or reject the bids.
Robert Tramantano, of Keen-Summit Capital Partners, which is handling the auction in conjunction with FTI Consulting and Savills Studle, said the lender on the properties, Citizens Bank, would rather sell than take possession of the buildings.
“In essence, the bank has indicated that it’s willing to accept less than it’s owed for these sites and they’re allowing additional time for us to spread the word to prospective bidders,” he said.
Beilinson said the auction for 1 Atlantic St. and 100 Prospect St. will be held at 2 p.m. Tuesday, and bids will be accepted until the end of the day Monday. Seaboard affiliates also own an office building on Elm Street in New Canaan and a residential complex called Clocktower Close on Grand Street in Norwalk.
Seaboard filed for bankruptcy in December — the same month its president, John DiMenna, resigned after two company owners questioned the developer’s finances under his leadership.
The last Seaboard property in the city to be sold will be the unfinished Residence Inn Marriott on Atlantic Street.
It was originally left off the list this month as Seaboard worked with IDB Bank, the financing agent on the property, to arrange funding to complete construction. However, the bank has since decided to sell the building as is instead of paying to complete the project.
“The lender has concluded that is the best course of action,” Beilinson said. “We’re in talks to sell the property to someone who will finish construction.”
When the funding is finalized, Beilinson has said it could take up to 10 months for the hotel to be completed.
Thomas Madden, the city’s director of economic development, said he is pleased to see Seaboard’s bankruptcy proceedings nearing a conclusion.
“We’re absolutely thrilled to get to the end of this process,” he said. “The city looks forward to working with these new companies and developers.”
WWE is looking to buy AmeriCares headquarters on Hamilton Avenue, in Stamford, CT. WWE bid $27 million for the office complex.
m.stamfordadvocate.com/news/article/Bankrupt-Seaboard-Realty-auctions-six-of-eight-8321395.php
WWE bids $27 million for office complex in bankrupt developer’s fire sale
WWE made a bid for the Hamilton Avenue office complex that houses its television studios and the AmeriCares world headquarters, shown here in this file photo.
STAMFORD — WWE has emerged as a player in bankrupt developer Seaboard Realty’s fire sale of eight city properties with a $27 million bid for the AmeriCares headquarters on Hamilton Avenue.
The wrestling entertainment empire, which houses its growing television production studios in the flexible office complex, offered $3 million above the minimum price set by the court-approved sale coordinator.
“An opportunity arose that made sense for us to pursue,” WWE said in an emailed statement Friday. “If we’re successful in the purchase of the building, WWE would become the building’s landlord and assumes the previous owner’s lease obligations.”
WWE, which has its own global headquarters on East Main Street, joined more than 100 bidders seeking to snap up prime city real estate at attractive prices.
If approved, the Courtyard Marriott hotel on Summer Street and Park Square West apartments would go to the same bidder, Annemid LLC, which is owned by the real estate capital solutions company, UC Funds. Annemid made cash offers of $26 million for the hotel and $40 million for the apartments, well above the minimum prices set at $18 million and $27 million, respectively.
An auction for the two other Stamford properties — 1 Atlantic St. and 100 Prospect St. — will be rescheduled after Monday’s bidders failed to make offers above the debt owed on each property.
Seaboard Realty, which is now led by chief restructuring officer Marc Beilinson, has until 4 p.m. Tuesday to accept or reject the bids.
Robert Tramantano, of Keen-Summit Capital Partners, which is handling the auction in conjunction with FTI Consulting and Savills Studle, said the lender on the properties, Citizens Bank, would rather sell than take possession of the buildings.
“In essence, the bank has indicated that it’s willing to accept less than it’s owed for these sites and they’re allowing additional time for us to spread the word to prospective bidders,” he said.
Beilinson said the auction for 1 Atlantic St. and 100 Prospect St. will be held at 2 p.m. Tuesday, and bids will be accepted until the end of the day Monday. Seaboard affiliates also own an office building on Elm Street in New Canaan and a residential complex called Clocktower Close on Grand Street in Norwalk.
Seaboard filed for bankruptcy in December — the same month its president, John DiMenna, resigned after two company owners questioned the developer’s finances under his leadership.
The last Seaboard property in the city to be sold will be the unfinished Residence Inn Marriott on Atlantic Street.
It was originally left off the list this month as Seaboard worked with IDB Bank, the financing agent on the property, to arrange funding to complete construction. However, the bank has since decided to sell the building as is instead of paying to complete the project.
“The lender has concluded that is the best course of action,” Beilinson said. “We’re in talks to sell the property to someone who will finish construction.”
When the funding is finalized, Beilinson has said it could take up to 10 months for the hotel to be completed.
Thomas Madden, the city’s director of economic development, said he is pleased to see Seaboard’s bankruptcy proceedings nearing a conclusion.
“We’re absolutely thrilled to get to the end of this process,” he said. “The city looks forward to working with these new companies and developers.”