Bonfante Gardens sells land, drastically reduces debt

Posted Tuesday, May 31, 2005 11:57 AM | Contributed by Jeff

Bonfante Gardends says there's been a positive development -- the sale of 32.9 acres of surplus land to Shapell Industries, bringing the park closer to restructuring its existing debt. Shapell plans to build 117 single-family homes on the land. When the tender process is completed, Bonfante Gardens' debt will move from approximately $70 million down to approximately $12.5 million of remaining senior bonds, the company says.

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