Supor Properties gets OK of cash collateral use, bid procedures

By Sarah Lizee

Olympia, Wash., April 30 – Supor Properties Enterprises LLC received approval to access cash collateral of its prepetition lenders and bid procedures for its properties, according to orders filed Monday and Tuesday with the U.S. Bankruptcy Court for the District of New Jersey.

As previously reported, the company negotiated the cash collateral use with lenders 1000 Frank E. Rodgers 1, LLC and 1000 Frank E. Rodgers 2, LLC, as previously reported.

Some of the properties are the subject of an approved redevelopment agreement (RDA) with the town of Harrison, N.J., which gives the debtors the right to redevelop the RDA properties and construct 1,500 residential units, a 200-room hotel, 151,960 square feet of retail space, 1 million square feet of office space and 4,570 parking spaces.

The non-RDA properties consist of various lots in Kearny, Harrison and Brick, N.J.

Under the bid procedures, the stalking horse bid deadline for the RDA properties is 5 p.m. ET on June 25, the bid deadline is 5 p.m. ET on July 9, and an auction is set for July 23.

For non-RSA properties, the stalking horse bid deadline is 5 p.m. ET on July 2, the bid deadline is 5 p.m. ET on July 16, and an auction is set for July 30.

The Kearny, N.J.-based single asset real estate company filed bankruptcy on April 2 under Chapter 11 case number 24-13427.

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