FMCC – Fulton-Montgomery Community College President Greg Truckenmiller Tuesday said the Fulmont College Association has completed the sale of its three dormitory halls for $1.8 million to Amsterdam-based Tryon Enterprises LLC, owned by David P. Huckans.
Truckenmiller said a state Supreme Court judge in Fulton County ruled in July that the nonprofit Fulmont College Association could sell the dorms, enabling the entity to accept a bid from Tryon Enterprises.
“That is now in private hands,” he said. “We had the natural process of a real estate closing [Oct. 24], so Tryon Enterprises is the new owner of that property, and they are in the process of getting it ready for occupancy.”
Huckans did not return phone calls seeking comment.
Truckenmiller said the Fulmont College Association has now begun the process for seeking loan forgiveness for the remaining approximately $10 million worth of principle from the $11.3 million in loans it received from the U.S. Department of Agriculture for the purchases of the buildings. In 2010 it received $4 million to purchase and renovate the 1980s-vintage Fulton Hall and Montgomery Hall dorm buildings; in 2012 it bought the 144-bed Raider Hall dorm for $7.1 million.
“That process is underway,” Truckenmiller said. “The [USDA] did sign a satisfaction of mortgage, which allowed the sale to proceed, so I have no reason to believe [that loan forgiveness won’t happen]. It’s a separate process, but it was all understood that we had to sell it before we could actually go through the mortgage forgiveness process, and that’s what we’re doing now. Like any government exercise, there are forms you have to fill out and supporting documentation you have to provide, so we’ve been working through that process with the USDA, and it seems to be moving along smoothly.”
When the proposed sale to Tryon Enterprises was first announced in May, Truckenmiller said the company’s intention was to continue providing student housing, similar to what had occurred prior to the Fulmont Association’s purchase of the buildings, and similar to arrangements at Schenectady Community College or Hudson Valley Community College where they have adjacent student housing that is owned by a private group.
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