HUD INTENDS TO BID THE AMOUNT OF THE INDEBTEDNESS:
This high-rise apartment complex is comprised of two, 22-story buildings. Located on approximately 9.86 acres in the Mies van der Rohe Residential District, this market-rate property offers 584 units. Amenities include: fitness center, laundry room, community space, pool and garage.
EARNEST MONEY: $100,000 is required for bidding at the foreclosure sale.
REPAIR ESCROW: $2,524,428 is required at closing to ensure the completion of repairs within 18 months of closing. Repairs are estimated at $10,097,714.
HUD is not offering financing. This is an "all-cash", "as-is" sale. HUD does not own or operate this facility and cannot grant access for viewing. Viewing is at the discretion of the current owner/management agent. Interested parties are urged to review the Invitation to Bid (see link below
) prior to submitting a bid at the foreclosure sale. HUD INTENDS TO BID THE DEBT AT THE FORECLOSURE SALE.