posted on August 18, 2011 13:07
Boston Business Journal - by Craig M. Douglas
Date: Monday, August 15, 2011, 12:16pm EDT
A portfolio of apartment communities in West Roxbury that received $12 million in mortgage financing from Anglo Irish Bank is being prepped for a foreclosure auction slated for next week.
The housing complexes at 4965 Washington St., 1459 VFW Parkway and 8-9 Carol Circle are among a slew of Anglo Irish-backed commercial and multifamily properties to have run into financial difficulties in recent years. The Dublin-based bank is in the process of vetting bids to acquire all or portions of its $9.5 billion portfolio of loans and real estate assets in the United States. Around a quarter of those holdings are in Greater Boston.
The West Roxbury mortgages were originated in March 2004 to help finance the acquisition of four buildings housing more than 150 apartment units. The properties are owned by two Massachusetts-based companies listing Michael Argiros of Newton as a primary officer. The entity that purchased the 4965 Washington St. property also listed John McGrail, CEO of The Mayo Group in Boston, as a corporate officer.
Attempts to contact Argiros were not successful. A call to McGrail’s office at 51 Sleeper St. was not returned Monday.
According to public records, the Argiros-McGrail entity tapped Anglo Irish for a $3.76 million mortgage to acquire the 4965 Washington St. and Carol Circle properties, which include three buildings and 57 rental units. The sale closed March 15, 2004.
On that same day, another Argiros entity paid $9.9 million to purchase a 96-unit apartment complex at 1459-1461 VFW Parkway. The deal was financed in part by an $8.24 million mortgage from Anglo Irish.
Those holdings are scheduled to be sold at auction Aug. 25, with the Washington St. and Carol Circle sale set for 11 a.m. and the VFW Parkway sale slated for 12 p.m. The auctions are being managed by Daniel McLaughlin Auctioneers of Boston.
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