PLEASE TAKE NOTICE that on March 11, 2026, starting at 3:00PM Eastern Time, Auction Advisors, as Auctioneer, on behalf of E.G. Reinsch, Inc., a Virginia corporation (“Secured Party”), will offer for sale at a public auction under the Uniform Commercial Code,100% of the ownership interests in:
BLOOMSBURY DEVELOPMENT, LLC, a Virginia limited liability company, formerly known as Tri-State Development Companies, LLC (the “Company”).
The sale will be conducted virtually via online video conference and in person at the offices of Bean, Kinney & Korman, P.C., 2311 Wilson Blvd., Suite 500, Arlington, VA 22201. Instructions on how to become a “qualified bidder” and attend the auction via online video conference are set forth in the Terms & Conditions of Auction which are available online at www.AuctionAdvisors.com or by contacting Joshua Olshin of Auction Advisors at: [email protected].
Secured Party is and shall be a qualified bidder and shall be allowed to credit bid amounts due and owing to it in connection with any bids it may make with respect to the ownership interests in the Company.
The auction sale will be held to enforce the rights of Secured Party under the certain Pledge and Security Agreement dated March 25, 2021 by and between Secured Party and Phillip Anthony Rivera-Silva (“Pledgor”) pursuant to which Pledgor granted Secured Party a security interest in, among other things, the ownership interests in Company.
Qualified bidders shall be required to post a $100,000.00 good faith deposit prior to bidding, which deposit will be required to be increased to twenty five percent (25%) of the successful bid by the successful bidder on or prior to NOON Eastern Time on March 9, 2026. Secured Party shall not be required either to post a good faith deposit or to increase its deposit as aforesaid.
The sale will be FINAL and on an “AS-IS, WHERE IS, WITH ALL FAULTS” basis and will be made WITHOUT REPRESENTATION OR WARRANTY WHATSOEVER. The ownership interests owned by Pledgor in the Company are unregistered securities under the
Securities Act of 1933, and as such are subject to certain transfer restrictions. The ownership interests owned by Pledgor in the Company will be sold as a single block.
Secured Party reserves the right to establish all bidding procedures and requirements and to have prospective bidders reasonably demonstrate to the satisfaction of Secured Party that they are qualified investors and their ability to perform and close on the acquisition of the ownership interests in the Company. Secured Party reserves the right to credit bid at the sale. Secured Party also reserves the right to adjourn, continue, or cancel the sale without further notice. Other terms and conditions of the sale are set forth in the Terms & Conditions.
Secured Party’s understanding (made without any representation or warranty by Secured Party as to the accuracy or completeness of the following maters) is that: (i) Pledgor owns 100% of the limited liability company membership interests in the Company; (ii) the Company owns 16 and 2/3% of the limited liability company membership interests (the “Company Ownership Interests”) in TRI-STATE COMMUNITIES, LLC, a Virginia limited liability company (“Property Owner”); and (iii) the principal asset of the Property Owner is that certain fee interest in the ongoing residential development project known as “Chain Bridge Estates” (the “Project”). The Project is being developed on real estate located in Fairfax County, Virginia consisting of 3.261 acres, more or less, known as 7020, 7022, 7024, 7026, 7028, 7030, 7032, 7034, 7036, 7038, 7040, 7041, 7042, 7043, 7044, 7045, 7046, 7047, 7048, 7049, 7050, 7052, 7054, 7056, 7058, 7060, 7062, 7064 Liberty Lane, McLean, VA 22101, and 1620, 1622, 1624, 1626, 1628, 1630, and 1632 Chain Bridge Road, McLean, VA 22101. The finished project is to consist of 7 residential buildings containing, in the aggregate, 35 single-family dwelling units, a commercial clubhouse building, surface parking, stormwater conveyance and management facilities, and applicable screening and barriers. The Project is and will continue to be subject to a condominium declaration containing, among other things, certain restrictive covenants that require at least one individual residing in each residential unit be 60 years of age or older, on terms and conditions more particularly set forth therein.
Certain additional but limited information available to Secured Party regarding the Company will be made available via a secure data room to prospective bidders who execute a non-disclosure agreement. Such non-disclosure agreement, and other information and due diligence materials may be obtained by visiting www.AuctionAdvisors.com.
Any interested bidder must satisfy the requirements to be a “qualified bidder” by no later than NOON Eastern Time on March 9, 2026.
The auction of the Ownership Interests will commence at 3:00 PM Eastern Time on March 11, 2026.
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