Owners of The Georgian Building in Silver Spring, Maryland File for Chapter 11 Bankruptcy Protection

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Last Wednesday, two related companies - Stellar GT TIC LLC and VFF TIC LLC - voluntarily filed for chapter 11 protection in the bankruptcy court in Greenbelt, Maryland with a pre-negotiated plan of reorganization. The companies own an 891-unit multi-family high rise property (consisting of two 14-story apartment buildings) located at 8750 Georgia Avenue in Silver Spring, Maryland. The complex is commonly known as The Georgian and was over 90% occupied as of yesterday's bankruptcy filing. Stellar GT TIC owns a 10% interest in the Georgian and VFF TIC owns the remaining 90% interest.

The companies' assets consist almost exclusively of just the project, which is listed in their schedules as having an "undetermined" value. The project secures over $207.6 million of secured debt maturing March 1, 2012.

Read the rest of this article in the attached document or by visiting our blog: http://blog.ch11cases.com/2011/06/owners-of-georgian-building-in-silver.html

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Randall Reese, Restructuring Concepts LLC | Attorney Advertising

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