HACKENSACK—NAI James E. Hanson represented both the seller and buyer in the sale of a first mortgage position in a 20-acre parcel of vacant land at 920 Belmont Avenue in North Haledon. The sale of this first mortgage was below face value; the property is currently zoned for affordable senior housing.
NAI Hanson associate vice president Darren M. Lizzack coordinated the transaction for the seller of note, William Dworetzky and Katherine Dworetzky, and the purchaser, 920 Belmont Associates.
The listed seller was owned by the previous property owner and the mortgagor has been in default for the past few years. The buyer will have to foreclose on the developer in order to obtain title to the property and then obtain approvals for future development of the site.