Paragon Village is a multifamily senior residential rental apartment facility located in Mount Olive, New Jersey. The facility consists of 70 independent living units and 73 assisted living units in two residential buildings.
The prior owner was unable to achieve occupancy sufficient to generate enough revenue to pay the debt service on its loan. Consequently, the prior owner of the facility defaulted, and the property was sold at a foreclosure sale to the bond issuer.
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