The Fox Hill Senior Condominium in Bethesda, which opened in 2008, is facing foreclosure by its lenders, according to Sunrise Senior Living, the McLean-based manager of the property.
“Fox Hill is a one-of-a-kind luxury senior condominium community that has, like many excellent high-end condominium projects, fallen victim to an economic crisis where home sales have steeply declined,” Sunrise Chief Executive Mark Ordan said in a statement Wednesday evening.
Ordan said his company has no equity in the project. The loan, which is held by a group of German banks, is approximately $100 million.
The bank group has hired New York-based real estate company Cushman & Wakefield to help find a buyer for the loan.
The project opened during the peak of the housing boom. More than half of its 240 units are unsold.
“Although the foreclosure proceedings will be directed by the bank group, we will work to keep residents informed and to provide assistance to help ensure this process is resolved smoothly,” Ordan said. “This is Sunrise’s only condominium project in our portfolio of more than 300 senior living communities.”