The Real Deal Miami

Bankrupt assisted living home in Taramac receives $13M offer

August 13, 2012 03:45PM

Lenox on the Lake

The assisted living complex Lenox on the Lake has received a $13 million bid from Miami-based Shefaor Developments, after the home for seniors filed Chapter 11 bankruptcy over its $25.8 million worth of outstanding debt, the South Florida Business Journal reported. Two companies with ties to Lenox, FTMI Real Estate and FTMI Operator, declared approximately $29 million of debt and only $19.6 million of assets on August 10. The property located at 6700 West Commercial Boulevard in Tamarac and its debt is currently being held by the federal Department of Housing and Urban Development. “They’ve been trying for the last year or two to sell the facility,” said Thomas Abrams, a Bankruptcy attorney with Fort Lauderdale-based Gamberg & Abrams. “We’re utilizing the bankruptcy to get a free and clear sale. [SFBJ]Christopher Cameron