NJ Hospital Scoops Up $11.8M Building In Ch. 11 Sale

Law360 (July 30, 2020, 6:35 PM EDT) -- A New Jersey bankruptcy judge on Thursday gave his nod of approval to an $11.8 million stalking horse offer by St. Joseph's Health to purchase a Wayne medical office from a commercial building portfolio that hit Chapter 11 in February.

The Catholic hospital currently occupies the three-story building that's one of 13 owned by Hajjar Business Holdings LLC and occupied in part by companies owned by Hajjar's principal, Dr. John Hajjar.

Hajjar Business was driven to insolvency by a $90 million defaulted loan from Wilmington Trust NA as part of financial woes Dr. Hajjar attributed to health care industry changes that...

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