March 27, 2017 10:48 PM ET

Real Estate Management and Development

Company Overview of 667 Maxey Village Apartments, LLC

Company Overview

On August 31, 2016, 667 Maxey Village Apartments, LLC went out of business as per Chapter 11 liquidation under bankruptcy filing. 667 Maxey Village Apartments, LLC owns real estate property. The company was incorporated in 2013 and is based in the United States. 667 Maxey Village Apartments, LLC operates as a subsidiary of Variant Holding Company, LLC. As per the transaction announced on April 12, 2016, 667 Maxey Village Apartments, LLC operates as a subsidiary of Sintoro Capital, LLC.

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United States

Founded in 2013

Key Executives for 667 Maxey Village Apartments, LLC

667 Maxey Village Apartments, LLC does not have any Key Executives recorded.

667 Maxey Village Apartments, LLC Key Developments

First Amended Liquidation Plan Approved for Variant Holding Company, LLC

The US Bankruptcy Court approved the first amended plan of liquidation of Variant Holding Company, LLC on May 9, 2016. The debtor filed its amended plan in the Court on March 30, 2016. As per the amended plan, administrative claims inclusive of Beach Point DIP Claims of $45.78 million, tax claims of $0.33 million, priority non-tax claims of $0.37 million, miscellaneous secured claims of $10.55 million and mortgage lender claims (FX3, H14 and Oaks) of $111.96 million will be paid in full in cash. Beach Point claims of $91.04 million will have a recovery of 57%, amounting to $51.89 million. General unsecured claims against property-owning debtors of $3 million and subordinated & intercompany claims of $30 million will be paid in full in cash. General unsecured claims against Variant and the Intermediate debtors of $25 million will have a recovery of 3%, amounting to $0.75 million in cash. Interests in the debtors will be cancelled and will receive excess cash after paying senior classes in full. The plan will be funded by cash in hand and sale of assets.

First and Second Amendments to Stalking Horse Agreement Filed by Variant Holding Company, LLC

Variant Holding Company, LLC filed first and second amendments to stalking horse agreement in the US Bankruptcy Court on May 9, 2016. As per the first amendment dated March 1, 2016, the purchase price for a portfolio of 23 properties, to be bought by stalking horse bidders BPC VHI, L.P., Beach Point Total Return Master Fund, L.P., and Beach Point Distressed Master Fund, L.P., was $195 million, plus the assumption of the LURA Loan. Minimum bid price for the assets was $208.89 million. According to second amendment dated May 6, 2016, as a result of the auction sales of the properties, BPC VHI, L.P., Beach Point Total Return Master Fund, L.P., and Beach Point Distressed Master Fund, L.P. are deemed the ultimate successful bidders for only the real property known as Pines of Westbury.

Motion for Asset Sale Approved for Variant Holding Company, LLC

The US Bankruptcy Court gave an order approving the sale of certain assets of Variant Holding Company, LLC on May 9, 2016. The debtor has been authorized to sell real property known as Pines of Westbury to BPC VHI, L.P., Beach Point Total Return Master Fund, L.P., and Beach Point Distressed Master Fund, L.P., for a purchase price of $25.26 million, pursuant to a second amended portfolio purchase and sale agreement dated May 6, 2016. The asset is owned by Pines of Westbury, Ltd. The debtor did not receive any other competing bids for the purchase of its assets and therefore BPC VHI, L.P., Beach Point Total Return Master Fund, L.P., and Beach Point Distressed Master Fund, L.P. emerged as the winning bidders.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
April 15, 2016
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