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Linda Coan O Kresik | BDN
The Bangor Mall
Eighteen months after defaulting on an $ 80 million loan by its former owners, the Bangor Mall was sold for $ 12.6 million, announced one of the three new owners.
The $ 12.6 million represents just over half of Bangor's estimated value of $ 24.7 million for the property.
The selling price is also lower than the highest bid of $ 14.95 million in a Ten-X online auction held from February 25 to 27.
Although the reserve for this auction was not reached, the new and old owners negotiated the closing of the sale on Tuesday. When a reserve auction is not completed, the seller has the opportunity to negotiate more with the bidders.
The price of $ 12.6 million was confirmed by one of its new owners, Elliot Nassim, president of Mason Asset Management.
Mason, Namdar Realty Group and CH Capital Group bought the besieged mall, closing the sale on April 16, according to the Penobscot County Registry Records.
The three real estate investors are all based in Great Neck, New York.
They bought the mall under different names. Bangor Mall Realty LLC owns 70% of the mall, Bangor CH LLC owns 25% and Bangor Nassim LLC holds 5%.
The three companies also took out a $ 9.75 million mortgage on the shopping center of the Israel Discount Bank of New York.
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