WCI Communities taking bids in $35.56 million subdivision sale

By Caroline Salls

Pittsburgh, May 27 - WCI Communities, Inc. requested court approval of the bid procedures for the proposed $35.56 million sale of single-family and multi-family home subdivisions in Loudoun County and Fairfax County, Va., and Price Georges County, Md., according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

NVR, Inc. and NVR Mid-Atlantic Asset Acquisition, LLC are the stalking horse bidders, and they will be required to pay a $2.21 million deposit toward the purchase price.

Competing bids will be due by 4 p.m. ET two business days before the June 17 auction.

Initial overbids must be for at least the amount of the stalking horse bid, plus $200,000 and the amount of a 3% break-up fee to be paid if the NVR entities are not the high bidders at auction.

In all, WCI said the property being sold includes 226 undeveloped lots, three developed lots and three homes built on developed lots.

WCI, a Bonita Springs, Fla.-based home building and real estate services company, filed for bankruptcy on Aug. 4, 2008. Its Chapter 11 case number is 08-11643.

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