April 7 – An attorney for the receiver of the bankrupt Hillside Health Center expects a court ruling by Wednesday, April 12th, that may decide the direction of development at the now-abandoned site between Hillside and Chace Avenues. Attorney Rick Land of Winograd, Sachs and Shine told SNA’s Liz Cameron that Suburban Mortgage is seeking a court ruling that it may protect its $12.9 million stake in the property by purchasing it outright. Land said that if Suburban is successful, they may seek to lease the property to a nursing home operator, thus returning the site to its past use. If the court denies Suburban’s petition, one of two other bidders will be able to purchase the property for less than $12.9. In that case, Land believes the new owners will probably seek to develop it as residential apartments.
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Categories: General News
