An unidentified bidder gained a highly-regulated, socially distanced public sale for the Stonehedge Hotel and Spa on Thursday with a $three million bid, based on the auctioneer.
JJ Manning Auctioneers President Justin J. Manning mentioned there have been 11 registered bidders within the public sale, which was carried out on the property at 160 Pawtucket Blvd., Tyngsboro, on Thursday at 11 a.m. He mentioned the property was bought for $2.85 million plus an obligation to pay $150,000 in municipal liens.
Manning mentioned the profitable bidder was already within the hospitality trade, however that his firm does no more than that.
“We don’t disclose any of the bidder’s contact information in any of our auctions,” he mentioned.
Tyngsboro City Administrator Matt Hanson mentioned on Friday that he has not but heard from the profitable bidder, however that he anticipated he would quickly or as soon as the property is closed on. Hanson confirmed the roughly $150,000 in municipal liens are for again taxes owed to the city.
The public sale was initially scheduled for April however was moved to Thursday after a stop and desist situation was issued by the Tyngsboro Board of Well being attributable to limitations positioned on public gatherings in the course of the pandemic.
The public sale was held Thursday with a lot of social distancing measures in place, Manning, mentioned, and Hanson mentioned the Board of Well being labored with the auctioneer to ensure the plan was a superb one.
Manning mentioned the social distancing measures included requiring all bidders to pre-register with auctioneers to keep away from contact by way of pens and tables; every bidder was allowed just one attendee on the public sale; every bidder was assigned a bidder quantity one after the other as they remained of their automobiles; as soon as the precise public sale started every bidder was directed to face close to visitors cones that had been organized to maintain all of them six toes aside; and every bidder, banker, lawyer and auctioneer current wore masks and introduced their very own pens.
Manning mentioned this was the third massive public sale his agency has dealt with for the reason that pandemic started.
“Consumers are energetic due to the inventory market,” he mentioned. “Actual property has traditionally been a strong, tangible and dependable place to park cash when the inventory market exhibits indicators of instability.”
Whether or not an public sale would happen was unclear for months because the property’s holding firm was within the midst of a Chapter 11 chapter. However final month, the corporate, Boston East Tyngsboro Holdings LLC, filed a movement to dismiss the chapter case.
The movement got here on the heels of a court docket order granting reduction to the mortgage lender, Lowell 5 Financial institution, permitting the foreclosures public sale to maneuver ahead.
Boston East Tyngsboro Holdings had requested a delay with a view to finalize a sale to Cayan Hospitality Group LLC, which put in a $5.three million supply on the lodge. However based on the April movement, the corporate was not capable of safe a purchase order and sale settlement earlier than the court docket issued its order granting reduction to the Lowell 5 Financial institution.
Manning mentioned the Lowell 5 Financial institution, the financial institution’s attorneys and his public sale workers ran the public sale “with precision.”
“Accountable practices had been exercised by all concerned in step with the currrent (Facilities for Illness Management) laws and the Governor’s orders,” Manning mentioned.
Abhijit “Beej” Das, Boston East Tyngsboro Holdings LLC’s signatory and resident agent, and a former congressional candidate, didn’t return a message searching for remark.
Das’ firm has managed the lodge since 2014, when it bought the property for $4.25 million. Since then, the lodge has twice fallen behind on its native taxes, based on city officers.
— to www.lowellsun.com