Top Bidder For Dowling Campus Fails To Close Out Purchase

CENTRAL ISLIP, N.Y. (AP) — The top bidder for Dowling College's campus on Long Island has failed to close on its offer, leaving the second highest bidder to purchase the property.

NCF Capital, which was identified as the "backup bidder" in court documents pertaining to the Central Islip campus' sale, offered $26.1 million. Newsday reports (http://nwsdy.li/2tl8XdE ) this was below Princeton Education Center LLC's winning bid of $26.5 million.

According to relator Andy Graiser, Princeton Education didn't close on the sale last week "so we just moved right up to our backup bidder." Princeton notified Dowling on June 19 that it wouldn't be able to close in time due to a lack of funds.

Dowling College lost its accreditation and closed in August, with $54 million in debts.

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Information from: Newsday, http://www.newsday.com