Foreclosure auction of North Stonington property canceled

North Stonington — The foreclosure auction of Cedar Park Whirlpool Suites, located at 85 Norwich-Westerly Road, was canceled Friday after the owner, Nautilus Development Inc., declared bankruptcy on Jan. 15.

John Syragakis of Groton is listed as the guarantor of the property and the authorized representative of Nautilus Development in the company's Chapter 11 bankruptcy filing.

Dime Bank, the plaintiff, claims $1,720,754 in debt on the property.

The 66-unit motel is composed of 12 octagonal buildings with upper and lower levels. An independent appraisal of the three-acre lot was conducted by Robert Champagne and lists a market value of $1,485,000. 

Champagne notes that the property was converted to motel space around 1999.

The appraisal lists $68,603 in unpaid taxes to the town on the property.

 

 

 

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