Sale of DWC campus still pending
SNHU closes on its purchase
NASHUA – The $12 million Daniel Webster College sale is still pending, nearly a months after the deal was announced.
Bill Parness, spokesman for Melville, New York, -based A&G Realty Partners, said the final closing is expected to happen early next week. Parness had previously indicated the closing would happen at the end of last week.
A&G oversaw the bankruptcy sale of the property to a Chinese national, Sui Liu. It was initially reported the Chinese University of Hong Kong was behind October’s $11.6 million purchase of most of the 54-acre campus. The university has denied it is involved in the deal.
Liu’s attorney, David Lu of Vienna, Virginia, has so far declined to speak with The Telegraph about the purchase and what Liu’s plans are for the property.
The Telegraph has learned that Daniel Webster and it’s parent company, I.T.T. Education, owed $100 million to a New York financial firm, Cerberus
Capital Management, before it filed for bankruptcy protection.
Documents show I.T.T., through Daniel Webster, borrowed the money in 2014 by taking out a mortgage on the property. The mortgage has since been discharged, though it is unclear if Cerebus was paid the full amount. Cerebus representatives did not return calls for comments, and neither did Deborah Caruso, the bankruptcy trustee appointed to oversee the Chapter 7 liquidation of I.T.T. and Daniel Webster.
I.T.T. shut down more than a year ago after federal scrutiny led to the government shutting off I.T.T’s ability to access student loans. The ensuing crisis ensnared Daniel Webster, which would have shut down if not for the intervention of Southern New Hampshire University. The Manchester-based SNHU stepped in to keep classes going for a final year at Daniel Webster.
Now, SNHU has purchased the hangar and tower at the property for $410,000, in a deal closed late last week. The university plans to continue a flight program using the facilities in Nashua.
Damien Fisher can be reached at 594-1245 or email@example.com or @Telegraph_DF.