Security National wins court approval of $1.83 million property sale

By Caroline Salls

Pittsburgh, Aug. 21 – Security National Properties Funding III, LLC received court approval of the $1.83 million sale of two commercial real estate properties in Omaha to Omaha Performing Arts Society, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

The properties have been used as parking lots, the motion said.

Central Parking Systems of Nebraska, Inc.’s current $4,952 per month lease of the property will be terminated under the asset purchase agreement.

As part of a settlement agreement, Security National must turn no less than $1.8 million in net sale proceeds to the administrative agent for its senior lenders, according to Thursday’s order.

Security National Properties Funding III is a Baton Rouge, La., affiliate of real estate investment company Security National Master Holding Co. It filed for bankruptcy on Oct. 13, 2011 under Chapter 11 case number 11-13277.

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