Lynnhill confirms $17.05M sale plan to Dragone
The court confirmed Lynnhill’s second amended joint Chapter 11 plan and authorized a free-and-clear sale of the 219-unit Temple Hills, Maryland condominium complex to Dragone Realty, LLC for $17.05 million, subject to a $1 million credit tied to Prince George’s County life, health, and safety requirements. Dragone had won the February 20 auction, topping AHH16 Development, LLC’s $16.9 million backup bid, and the order requires closing within 15 calendar days absent a stay source filing source filing.
The case began on January 10 after the unincorporated condominium association sought Chapter 11 protection for a vacant, uninhabitable property at 3103-3107 Good Hope Avenue. First-day evidence described two seven-story buildings, no operating income beyond unpaid condo fees, severe vandalism and code issues, approximately $3.0 million of unpaid condominium dues, and the need for sale authority and DIP funding to preserve the site source filing source filing. The schedules listed $3.06 million of assets, largely receivables, against $2.44 million of liabilities, while the confirmed plan channels sale proceeds through administrative expenses, reserves, secured and disputed claim treatment, and former resident/unit-interest distributions source filing source filing source filing.