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Details

UCC Foreclosure Auction – Senior Loan

Single Family Home – 1.5 Blocks to Beach & Boardwalk

Details:

  • Indirect Interest in 1917-19 Central Avenue, Ocean City, NJ 08226 (Block: 1902, Lot: 9)
  • The collateral is the Pledged Equity Interests in the Borrower (as defined below).  The Borrower owns the above-listed property, which is a 1,700+ Sq Ft Home on a 3,998 Sq Ft Lot
  • BY VIRTUE OF DEFAULT under the loan to 1919 Central Avenue LLC (“Borrower”) by SnowPoint Capital REIT, Inc. (the “Secured Party”) evidenced by, among other things, the following documents, dated April 27, 2023, (the “Loan Documents”): Promissory Note in the principal sum of $825,000.00, Mortgage and Security Agreement, Guaranty of Catherine M. Hoffman and Russell J. Hoffman, Assignment of Leases and Rents, and Pledge and Security Agreement (the “Pledge Agreement”) pledging the 100% membership interest (the “Pledged Equity Interest”) in Borrower of Catherine M. Hoffman (the “Pledgor”); and in accordance with its rights as holder of the Loan Documents, Secured Party, which is in possession of the Membership Certificate of Pledgor in the Borrower held in accordance with Article 8 of the Uniform Commercial Code of the State of New Jersey (the “Code”), all in accordance with Article 9 of the Code, Maltz Auctions (“Maltz”), under the direction of Richard B. Maltz or David A. Constantino (the “Auctioneer”), will conduct a public sale of the Pledged Equity Interest via online bidding conducted via Zoom on May 8, 2024 at 2:00 pm, in satisfaction of the indebtedness in the approximate amount of $978,231.25, including principal, interest and default interest through May 6, 2024, plus all additional interest, costs, and disbursements permitted by law. The Secured Party reserves the right to credit bid.
  • Please Note: Unlike Many UCC Foreclosure Sales, This is a Senior Loan!!!

Bidder Qualification Deadline: Monday, May 6, 2024 by 4:00 pm EST – Executed Terms & Conditions of Sale along with a qualifying deposit in the amount $99,000.00 via wire transfer are required for any interested party to bid.  See Terms and Conditions of Sale or contact Richard B. Maltz for more information about submission of bidder qualification materials.

Bidder Qualification Package Delivery Location: Maltz Auctions, 39 Windsor Place, Central Islip, NY 11722.

Auction Date & Time: Wednesday, May 8, 2024 at 2:00 pm.

Auction Location: Virtual auction via Zoom.  Zoom link to be provided by Maltz via e-mail to all qualifying pre-registered bidders prior to the auction.

Terms & Conditions of Sale: See attached terms of sale for details.

Buyer’s Premium: A Six percent (6%) Buyer’s Premium will be added to the Successful Purchaser’s high bid to determine the contract price to be paid by the Successful Purchaser.

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Documents

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Richard B. Maltz, Auctioneer
David A. Constantino, Auctioneer
Richard B. Maltz, Licensed Real Estate Broker
Phone (516) 349-7022 Fax (516) 349-0105
*Maltz Auctions, Inc. Exclusively Acting in Capacity as Marketing Agent for Secured Party

These assets are being sold on an “AS IS, WHERE IS” basis, and no warranty or representation, either expressed or implied, concerning the asset is made by the Seller, Auction Company or any of their Agents. Maltz is acting exclusively as marketing agent for the Sellers.  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 and/or Buyer’s Broker to determine the accuracy of all components of the sale and asset.  Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the Property, including without limitation, environmental and physical condition of the asset.  All prospective bidders are urged to conduct their own due diligence prior to participating in the Public Auction.

Bid rigging is illegal and suspected violations will be reported to the Department of Justice for investigation and prosecution