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Bankruptcy Auction - 298 Unit, Mid-Rise Apartment Complex To Be Sold

RALEIGH, N.C., Feb. 15, 2013 /PRNewswire/ -- WM Six Forks, LLC announced today that its Manor Six Forks apartment complex in Raleigh, NC is being sold pursuant to a confirmed Chapter 11 bankruptcy Plan of Liquidation.

The 5 story complex with multilevel parking garage ("Complex") is located at 900 East Six Forks Road inside the Raleigh Beltline.  The apartments are 90% + occupied and the Complex contains 14,000+/- sq. ft of unfinished retail space.  Construction of the Complex was completed in March of 2010.

All real property and personal property (other than cash) comprising the Complex is under contract for sale, "as is/where is" and subject to higher and better offers, to Lenox Mortgage XVII LLC ("Lenox"), holder of the construction lender's first priority lien on the Complex.  The purchase price in the Lenox contract is a "stalking horse" credit bid of $37,100,000, and to be considered a "qualified bid," a competing bid must be a cash bid of not less than $37,200,000 and must conform to other requirements set forth in court approved Bidding Procedures.  If one or more "qualified bids" are timely received, the "qualified bidders," including Lenox, will participate in an auction in order to determine the highest and best bid for the Complex.  At the auction, Lenox may credit bid up to the amount of its allowed secured claim, which is not less than $39,027,860.  A hearing to approve the sale to the prevailing bidder will be held on March 21, 2013 at 2:00 pm

The Bid Deadline is March 18, 2013 at 4:00 pm.  The auction, if any, will be conducted on March 20, 2013 at a time and place to be determined.  For further information, including copies of the Bidding Procedures and the Lenox contract, go to www.manorsixforks.com or contact counsel for WM Six Forks, LLC.

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