https://www.re-auctions.com RSS feeds for McLaughlin & Co. LLC 60 https://www.re-auctions.com/More-/News-Press/articleType/ArticleView/articleId/41/LStar-lender-buys-Union-Point-land-for-332-million#Comments 0 https://www.re-auctions.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=76&ModuleID=428&ArticleID=41 https://www.re-auctions.com:443/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=41&PortalID=0&TabID=76 https://www.re-auctions.com/More-/News-Press/articleType/ArticleView/articleId/41/LStar-lender-buys-Union-Point-land-for-332-million WEYMOUTH — A firm that lent $60 million to the struggling developer behind a sprawling project on the site of the former South Weymouth Naval Air Station bought several dozen parcels for just more than $33 million at auction. Daniel P. McLaughlin Auctioneers & Co. held the public auction at the development, called Union Point, for the purpose of foreclosing on 40 lots ranging in size from less than a quarter-acre to nearly 30 acres on behalf of Washington Capital Management. The land totals about 115 acres. In a legal notice announcing the auction, Washington Capital Management said the developer, LStar, had breached the terms of its mortgage agreement with the lender. There was one registered bidder, but he did not make a bid to top Washington Capital’s offer of $33.2 million. Bruce Barnett, an attorney for Washington Capital, said he’s “not privy” to the firm’s plans for the land. “The lender now owns the property and will do what it can to recoup its investment,” he said. The foreclosure auction came amid mounting legal and financial problems facing the massive mixed-use redevelopment project, which includes 1,450 acres of land in Weymouth, Rockland and Abington. In August, a Suffolk Superior Court judge banned LStar and its chief executive officer, Kyle Corkum, from selling off any assets worth more than $25,000 as they face a lawsuit filed by a company that loaned LStar $2.5 million. LStar managing partner Steven Vining said in a North Carolina lawsuit that Corkum breached his duty, misspent millions of dollars and meddled in the business after he was ousted. But the company has yet to completely cut ties with Corkum, which local officials have urged the developer to do in order for the project to move forward. As a result, Weymouth Mayor Robert Hedlund announced that the town would not provide additional water or wastewater service for any new projects at Union Point until town officials felt LStar was able to carry out the project. The Southfield Redevelopment Authority’s board of directors in December determined that LStar breached the terms of the disposition and development agreement, which could result in officials terminating LStar as the master developer. Paul Niedzwiecki, executive director of the SouthField Redevelopment Authority, said the outcome Thursday was the best one given the situation. “This is the fastest way to get development moving and now (Washington Capital) can have discussions about partnering with developers,” he said. The sale does not change the fact that LStar as of Thursday is still the master developer of the project, according to Niedzwiecki. Union Point now has about 1,000 single-family homes, townhouses and apartments. The long-range development plan calls for 3,855 homes, 1,000 of which would be restricted to people age 55 and older; 8 million square feet of commercial space; 1,000 acres of open space; and 50 miles of hiking and biking trails.   By Jessica Trufant The Patriot Ledger   Posted Feb 7, 2019 at 5:03 PM Webmaster Sat, 09 Feb 2019 10:31:00 GMT f1397696-738c-4295-afcd-943feb885714:41 https://www.re-auctions.com/More-/News-Press/articleType/ArticleView/articleId/37/Some-see-hidden-gold-in-Greendale-Mall-as-auction-approaches#Comments 0 https://www.re-auctions.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=76&ModuleID=428&ArticleID=37 https://www.re-auctions.com:443/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=37&PortalID=0&TabID=76 https://www.re-auctions.com/More-/News-Press/articleType/ArticleView/articleId/37/Some-see-hidden-gold-in-Greendale-Mall-as-auction-approaches By Lisa Eckelbecker Telegram & Gazette Staff WORCESTER – When it opened in 1987, the Greendale Mall was swamped with crowds. Fast forward 29 years, and the shopping center, tucked next to a busy stretch of Interstate 190, is mostly quiet, dated and dotted with vacancies. It’s also ripe for the taking. Lender Capmark Finance Inc. is foreclosing on owner Simon Property Group of Indianapolis, and the mall, valued at $14 million by city officials, is slated to go up for auction May 26. Retail property owners are showing interest in the 21-acre shopping center, according to the auctioneer handling the sale. But at a time when shoppers are buying more online, shifting purchases to more modern outdoor centers and looking to malls for dining and entertainment, it’s unclear whether the Greendale Mall can continue without big changes. "It feels like no one’s paid attention," said Ani Collum, a partner and retail consultant with Retail Concepts of Norwell, a consulting firm. "I think there has to be a new approach, and that value is really in the land." Malls have not had an easy path in recent years. Massive enclosed spaces typically surrounded by garages or vast parking lots, they’ve lost business to newer outdoor "lifestyle centers" featuring movie theaters, restaurants and a mix of stores. The Great Recession and sluggish recovery also ravaged the retailing industry, forcing some chain stores that are stalwarts of malls to scale back. In addition, although most purchases still take place in stores, consumers have shifted some purchases away from bricks-and-mortar stores to online sites such as Amazon.com Inc. Still, malls in the Boston area, including Worcester, generally have low vacancy rates, according to CoStar Group Inc., which tracks commercial real estate across the country. During the first three months of this year, 40 Boston-area malls posted a vacancy rate of 2.4 percent. Three malls in the Worcester area had a vacancy rate of less than 1 percent, CoStar reported. Malls rarely fail, but when they do, it’s usually because the surrounding region has changed so much it can no longer economically support the mall’s businesses, bigger and better competition emerges or an owner can no longer update the property, said Jesse Tron, a spokesman for the International Council of Shopping Centers. Turning around a troubled mall could involve converting it to an outdoor center, adding different kinds of commercial space such as offices or even adding housing. Mr. Tron said solutions need to address underlying problems. "If it’s putting money in, that’s what happens," Mr. Tron said. "Sometimes it’s just tweaking and reinventing." At 309,000 square feet, the Greendale Mall is smaller than its regional competitors. It also lacks the dining and movie theater that shoppers can find just 8 miles away at the Shoppes at Blackstone Valley, a Millbury lifestyle center that opened in 2004. The Greendale Mall’s anchors depart from standard mall offerings, too, according to Michael C. O’Brien, principal of Galaxy Development LLC of Auburn, which has been tapped to redevelop an old Worcester Regional Transit Authority bus garage on Grove Street into a 6-acre shopping plaza. The mall’s anchor stores are clothing and home accessories store T.J. Maxx, electronics retailer Best Buy and the discount clearance chain Big Lots. "Those aren’t anchors that drive a lot of shopping to that mall," Mr. O’Brien said. Still, the mall’s foreclosure is bringing out interested parties, primarily entities from the New England and New York region, according to auctioneer Daniel P. McLaughlin of Daniel P. McLaughlin & Co. LLC of Boston. "We’re hearing from just about everyone, but it’s mainly people who own shopping centers," he said. It helps that interest rates are low and lenders are plentiful, factors that could help a developer secure financing to buy and redevelop the Greendale Mall. "This story was drastically different six years ago, seven years ago," said Mr. Tron of the shopping center council. "Now people have access to credit and capital. … If they see value there, they are going in and working on those types of projects." Webmaster Wed, 18 May 2016 11:19:00 GMT f1397696-738c-4295-afcd-943feb885714:37 https://www.re-auctions.com/More-/News-Press/articleType/ArticleView/articleId/35/Tauntons-iconic-Benjamins-restaurant-to-be-sold-at-auction-Sept-23#Comments 0 https://www.re-auctions.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=76&ModuleID=428&ArticleID=35 https://www.re-auctions.com:443/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=35&PortalID=0&TabID=76 https://www.re-auctions.com/More-/News-Press/articleType/ArticleView/articleId/35/Tauntons-iconic-Benjamins-restaurant-to-be-sold-at-auction-Sept-23 By Marc Larocque Taunton Gazette Staff Reporter TAUNTON — The former Benjamin’s restaurant property in Taunton will soon be sold to the highest bidder. The now-shuttered landmark Taunton restaurant is set to be sold off at a live auction on Sept. 23 at 11 a.m. on site at the 698 Bay St. property, in what the auctioneer called “an incredible opportunity” for a potential owner. “It’s kind of an iconic place down that area,” said Daniel McLaughlin, who runs a Boston-based auctioneering company. “Everyone who has grown up in that area has been to some sort of function there at some time. … I really think that someone who’s in the function or restaurant business has an incredible opportunity here.” McLaughlin is auctioning off the two-floor, 25,000-square-foot building on behalf of Mechanics Cooperative Bank, which took ownership of the foreclosed property last month. The deed for Benjamin’s was signed over to the bank on July 16 to make up for $247,567 in debt on a second mortgage the business received last year and later defaulted on, according to documents filed at the Northern Bristol County Registry of Deeds. According to the accounts of several veteran employees there, the business floundered in recent years under the ownership of Diane Benjamin, after she inherited Benjamin’s from her late husband, restaurant patriarch George Benjamin, who died in 2013. George Benjamin and his brothers opened the doors at Benjamin’s restaurant in 1968, before developing the reputation as a go-to place for a semi-formal dinner, a family celebration, a business gathering or community functions. The business was left in the hands of Diane Benjamin, his wife of 23 years. But George Benjamin’s children also filed a civil lawsuit in March of this year, accusing her of “undue influence” that resulted in a revised will giving her the inheritance of the Taunton restaurant. Steve Torres, who represents the Benjamin children, said he had no comment at this time when reached on Tuesday. Diane Benjamin announced to employees and patrons in early May that the landmark restaurant was closed. A large sign advertising the auction went up in front of the former Benjamin’s restaurant on Monday, McLaughlin said. The property is on 3.25 acres of land, with 215 parking spaces with frontage on three different streets, and enough room in the restaurant for 450 seats. “It’s fully equipped,” McLaughlin said. “It certainly could use some updating.” Potential owners could find a lot of value buying the foreclosed property at an auction price, McLaughlin said. “The banquet business is a pretty profitable business,” he said. “You can be a wedding factory, if you get it right.” Asked if it was possible that the new owners keep the Benjamin’s name, McLaughlin said he wasn’t sure, but whatever happens there should be interesting. “It’s a really interesting opportunity you just don’t see everyday,” he said. “Anyone I’ve talked to says, I’ve been there 50 times for weddings and graduations. … It’s obviously a proven location.” Webmaster Tue, 22 Sep 2015 08:27:00 GMT f1397696-738c-4295-afcd-943feb885714:35 https://www.re-auctions.com/More-/News-Press/articleType/ArticleView/articleId/33/Red-Sox-Poker-Fundraiser#Comments 0 https://www.re-auctions.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=76&ModuleID=428&ArticleID=33 https://www.re-auctions.com:443/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=33&PortalID=0&TabID=76 https://www.re-auctions.com/More-/News-Press/articleType/ArticleView/articleId/33/Red-Sox-Poker-Fundraiser Dan McLaughlin conducting an auction at a poker fundraiser for Pitching In For Kids with Actor/Comedian Lenny Clarke and Red Sox Players Will Middlebrooks and John Lackey. Your browser does not support iframes. Webmaster Sat, 10 May 2014 13:06:00 GMT f1397696-738c-4295-afcd-943feb885714:33 https://www.re-auctions.com/More-/News-Press/articleType/ArticleView/articleId/29/CanalSide-Commons-on-the-block#Comments 0 https://www.re-auctions.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=76&ModuleID=428&ArticleID=29 https://www.re-auctions.com:443/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=29&PortalID=0&TabID=76 https://www.re-auctions.com/More-/News-Press/articleType/ArticleView/articleId/29/CanalSide-Commons-on-the-block Cape Cod Times By HEATHER WYSOCKI hwysocki@capecodonline.com August 08, 2013 BOURNE — CanalSide Commons, a controversial multi-use proposal that lingered for over a decade without being built, will be up for auction later this month as part of foreclosure proceedings. The 152-acre property will be auctioned at 11 a.m. Aug. 20, according to Boston-based auctioneers Daniel P. McLaughlin & Co. A minimum bid won't be set by the mortgage lender until the day of the auction, McLaughlin said in a phone interview Wednesday. But the "high-profile" property is already permitted for 300 housing units and 85,000 square feet of retail space and boasts access from Sandwich Road, MacArthur Boulevard and the Bourne Bridge Rotary, which could render it attractive, he said. "There's years and years of permitting that has taken place here. To be able to go in and buy something and not really go through that intense regulatory process is pretty unique," McLaughlin said. And, he added, the 67,000-square-foot Market Basket supermarket built last year in Sagamore "has kind of proven that these gateway locations are pretty desirable for retailers." Developer Lenord "Len" Cubellis first unveiled plans for CanalSide Commons, including 550,000 square feet of retail space, in 1998. After years of back-and-forth, a revised project with 85,000 square feet of commercial space and 300 residential units was approved by state, town and Cape Cod Commission officials. But construction never occurred, and in 2008 Cubellis filed a civil suit against the DeCicco family and its land trust, which owns the property. The suit alleged a breach of contract and ordered the trust to stop its attempts to sell the property to a third party. In July 2010, Cubellis and L. Mark DeCicco settled out of court for $3.8 million. The settlement also transferred Cubellis' long-held development rights back to the landowners. At the time, DeCicco said the family still planned to develop the land. But on June 27, Barnstable Superior Court Judge Gary A. Nickerson approved Cubellis' request to move forward with a foreclosure on the property. In the filing, Cubellis reported a "default in the payment of principal and interest" on the property's mortgage. It was unclear in court records whether the 2010 settlement had anything to do with Cubellis' request to foreclose. Neither Cubellis nor his attorney returned messages seeking comment Wednesday. DeCicco could not be reached. Town of Bourne officials also did not return messages Wednesday. Webmaster Fri, 09 Aug 2013 19:14:00 GMT f1397696-738c-4295-afcd-943feb885714:29 https://www.re-auctions.com/More-/News-Press/articleType/ArticleView/articleId/27/Heather-Hill-owners-buy-Plainville-club-for-21M#Comments 0 https://www.re-auctions.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=76&ModuleID=428&ArticleID=27 https://www.re-auctions.com:443/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=27&PortalID=0&TabID=76 https://www.re-auctions.com/More-/News-Press/articleType/ArticleView/articleId/27/Heather-Hill-owners-buy-Plainville-club-for-21M PLAINVILLE — A troubled golf course has a set of new owners who have big plans for the facility. Constant Poholek, along with his sister Karen Finocchi and brother-in-law Elmo Finocchi of the Heather Hill Country Club in Plainville, are the new owners of Wentworth Hills Country Club in town, Poholek confirmed in an email and a phone interview Saturday with The Sun Chronicle. The family, which has more than 30 years’ experience in the golf business, were the successful bidders at an auction Friday and were able to purchase the 18-hole golf course, located at 27 Bow St., for $2.1 million.   “We hope to breathe new life into Wentworth Hills,” said an excited Poholek Saturday night. “This is a dream come true,” he said. With Wentworth Hills combined with Heather Hill, Poholek said he hopes to put Plainville on the map to become know for golf, “now that we have two great courses in one area,” he said. In the short term, Poholek said he plans to immediately improve Wentworth Hills’ driving range and start a golf school. He also plans on adding a new fleet of modernized golf carts.  And the new computerized system that was recently put in place at Heather Hill will be added to Wentworth Hills he said. The purchase and bidding weren’t easy, as his group was one of 7-10 bidders that attended Friday’s auction to buy the country club, Poholek said. He said his goal was to try to keep the facility locally owned, and operating as a golf course. One bidder, he said, wanted to turn the course into an apple orchard. He said he is thrilled that his $2.1 million bid was the winning bid for the 143-acre course located at 27 Bow St. The course has been in financial trouble for years. It went bankrupt and was auctioned in 2006 for $3.7 million and then closed down again due to debt problems before reopening in 2011. It is a par-71 golf course, which is partially located in Plainville, Cumberland, and Wrentham. For long-range plans, Poholek said he hopes to make the facility, a full family-friendly golf course.  He said he wants to hold events where the hold family comes for the day. He said the facility also has a number of buildings, one of which can be converted for year round use, for, indoor golf. And, as he looks 5-10 years down the road, he has more plans in the works, he said. Webmaster Fri, 22 Feb 2013 10:46:00 GMT f1397696-738c-4295-afcd-943feb885714:27 https://www.re-auctions.com/More-/News-Press/articleType/ArticleView/articleId/26/Former-Regatta-of-Cotuit-bought-at-auction#Comments 0 https://www.re-auctions.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=76&ModuleID=428&ArticleID=26 https://www.re-auctions.com:443/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=26&PortalID=0&TabID=76 https://www.re-auctions.com/More-/News-Press/articleType/ArticleView/articleId/26/Former-Regatta-of-Cotuit-bought-at-auction Cape Cod Times - By ROBERT GOLD rgold@capecodonline.com October 16, 2012   COTUIT — The owner of a Mashpee motel was the winning bidder for The Regatta, a fine dining restaurant in Cotuit that closed last month. Peter Menounos, who owns the Santuit Inn in Mashpee, said he placed a successful bid of $555,000 last week for the Route 28 restaurant. He said the deal for the property hasn't been closed yet. The Cotuit resident said he's in the process of figuring out what type of restaurant he will open in the building. "It remains to be seen exactly what it will be," he said. The Regatta was originally opened about 30 years ago by Brantz Bryan. Weldon Fizell, the most recent owner and chef, bought the Regatta about six years ago. He closed the restaurant last month, notifying people on the restaurant's Facebook page with a posting that said "it is hard to believe the ride has ended." According to the website of Daniel P. McLaughlin & Co., a Boston-based auctioneer, the auction was held Oct. 11. The property includes three dining rooms, a 14-seat bar, patio dining area, a kitchen, two other rooms and parking for about 50 cars. The auctioneer did not return a call seeking comment. Menounos said he hasn't decided whether to keep the Regatta as the restaurant's name. That may be determined on the style of restaurant. Regardless of what Menounos chooses, he said he won't re-open until the spring. Any renovations won't alter the style or "gorgeous charm" of the building, he said. "I'm not looking to corrupt the integrity of the property at all," he said. Five years ago, the business owner bought the Santuit Inn, which is a short drive along Route 28 from the the Regatta building. Menounos said his partner in the Cotuit restaurant is Paul Roiss, a Boston real estate developer who also co-owns several restaurants such as Mistral, a French cuisine restaurant in Boston's South End, and Mooo, a steak house on Beacon Hill. Webmaster Tue, 16 Oct 2012 17:33:00 GMT f1397696-738c-4295-afcd-943feb885714:26 https://www.re-auctions.com/More-/News-Press/articleType/ArticleView/articleId/25/Shaker-Hills-Golf-Club-sold-at-auction-for-34M#Comments 0 https://www.re-auctions.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=76&ModuleID=428&ArticleID=25 https://www.re-auctions.com:443/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=25&PortalID=0&TabID=76 https://www.re-auctions.com/More-/News-Press/articleType/ArticleView/articleId/25/Shaker-Hills-Golf-Club-sold-at-auction-for-34M By Bill Doyle WORCESTER TELEGRAM & GAZETTE STAFF wdoyle@telegram.com HARVARD —  Frederick J. “Skip” Curtis of Princeton purchased Shaker Hills Golf Club yesterday morning for $3.4 million at a foreclosure auction in the parking lot outside the clubhouse.   Curtis, a Worcester Country Club member with a 3 handicap, said he planned to re-open Shaker Hills as a golf course this year. The course closed in February when the previous owners defaulted on their $2.13 million mortgage with Middlesex Savings Bank. The sale is scheduled to close in 45 days.   “A dream come true I think,” Curtis said. “I think it’s a spectacular property, and I think it has potential.”   Curtis declined comment on whether Shaker Hills would remain open to the public or become a private course, saying it was premature to discuss his plans for the club.   Fourteen bidders registered with McLaughlin & Co. Auctioneers of Boston. Norman Kenney, one of the club’s former owners, was among the 70 or so people who attended the auction. Kenney spoke briefly with Curtis after the auction.   Curtis was accompanied at the auction by his fellow St. John’s High graduate and Worcester CC member Tim Valas of Shrewsbury, who Curtis said may help him manage the golf club. Neither Curtis nor Valas has run a golf course, so Valas said they’ll rely on advice from friend Tad Page, whose family owns Butternut Farm Golf Club in Stow.   Curtis makes his money from private investments and commercial real estate. Previously, he served as president of Curtis Tractor Cab Inc. in Worcester and was honored as Massachusetts Small Business Person of the Year and as second runner-up as National Small Business Person of the Year in 2005. Valas is a retirement sales executive for benefits provider Aon Hewitt.   Curtis and Valas have golfed at Shaker Hills many times. “We think it’s got some really great qualities and good, challenging golf,” Valas said.   Middlesex Savings Bank hired Ed Kennedy III, superintendent at his family’s Butter Brook Golf Club in Westford, to maintain Shaker Hills for the last month and he will continue to do so until the sale closes. Kennedy said he retained Mike Sisti, the club’s superintendent the past three years, to help him maintain the course.   Kennedy was among the registered bidders yesterday, but he did not bid. He said his family tried unsuccessfully to purchase the club before the auction.   Kennedy said the central controller irrigation system was struck by lightning in July 2010 and must be replaced at a cost of close to $300,000. In the meantime, most controllers need to be turned on by hand. Kennedy estimated it would cost $1 million to $1.5 million to pay back taxes, make necessary improvements and replace the tables, chairs, freezers and other equipment that had been removed from the clubhouse and maintenance building.   The clubhouse is located in Ayer and the course is located in Harvard. The 6,800-square-foot Princeton home where Curtis lives with his wife, Sarah, and their six children was featured in Worcester Living magazine last year.   Shaker Hills became the third Central Mass. golf course to be sold at a foreclosure auction in less than two years. Sterling National Country Club sold for $4.2 million in May 2010 and Pleasant Valley Country Club in Sutton sold for $5 million in November 2010.   Shaker Hills opened in 1991 and was soon rated by Golf Digest as the No. 1 public course in the state and No. 4 among private and public courses in Massachusetts, but fell on hard times after the economy soured and such other golf courses as Red Tail Golf Club in Devens and Butter Brook Golf Club opened nearby. Webmaster Fri, 13 Apr 2012 15:03:00 GMT f1397696-738c-4295-afcd-943feb885714:25 https://www.re-auctions.com/More-/News-Press/articleType/ArticleView/articleId/24/34-winning-bid-at-Shaker-Hills-Golf-Course-foreclosure-auction#Comments 0 https://www.re-auctions.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=76&ModuleID=428&ArticleID=24 https://www.re-auctions.com:443/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=24&PortalID=0&TabID=76 https://www.re-auctions.com/More-/News-Press/articleType/ArticleView/articleId/24/34-winning-bid-at-Shaker-Hills-Golf-Course-foreclosure-auction By Mary E. Arata, marata@nashobapub.com www.nashobapublishing.com Posted:   04/12/2012 03:36:14 PM EDT AYER/HARVARD - A Princeton real estate developer made the winning $3.4 million bid Thursday morning during the foreclosure auction of the Shaker Hills Golf Course. Frederick Curtis spoke briefly to reporters after the dust settled. The auction was called by Middlesex Savings Bank and conducted by Daniel McLaughlin & Co. of Boston. Curtis was one of 14 bidders qualified to partake in the auction. The entry ticket was a $50,000 certified check with the closing to occur within the next 45 days. Curtis promised more information later, stating the business plan for the new management of the 18-hole golf course was still in the works. However, Curtis said that the course would reopen at some point for golf. Curtis did not disclose whether the course would remain public or become a private course. It's also not clear if the facility which straddles the Ayer and Harvard town lines would remain as is or undergo any other development. Asked why he purchased Shaker Hills without having any personal prior golf course management experience, Curtis said simply it was a 'dream come true" to own a course, adding "I think it's a spectacular property." Curtis said that he has played Shaker Hills before, though he typically plays out of the Worcester Country Club. "I'm a low, single-digit handicap," said Curtis about his own game. Curtis laughed when asked why he didn't' immediately get into the mix on the initial bidding. "That was slow motion." An opening bid of $500,000 was dismissed by auctioneer Daniel McLaughlin, "How about a realistic opening offer - two and a half million?" The sum was initially met with silence, but on went the auctioneer's banter. McLaughlin backed down in half million dollar increments until interest sparked at $1.5 million, and a mini bidding war began between three parties. Curtis initially hung back, but drove the price up to the $3.4 million winning bid. McLaughlin looked for more from the crowd. "It's only money," McLaughlin said before closing the auction on Curtis' winning bid Frederick J. Curtis Jr. is a name associated with several corporations according to the Secretary of State's Corporations Division database. Curtis appears as an officer or director in several entities, including D&A Industries Realty Corp, which reports its industry as 'rentals.' Curtis is also an official with M&F Industries, which is self-identified as a 'patent holding company.' And Curtis' name is linked to the Fred III Industries Business Trust, formerly known as Curtis Tractor Cab Co., which identified its business as 'manufacturing.' Curtis is also listed as the manager for the TrunkUp and Micky's Luck real estate development corporations of Princeton, as well as the Sandpit One vehicle investment and leasing corporation of Princeton. Follow Mary Arata at www.Twitter.com/maryearata . Read more: http://www.nashobapublishing.com/ci_20381535/3-4-winning-bid-at-shaker-hills-golf#ixzz1rvg3hzGC Webmaster Fri, 13 Apr 2012 14:01:00 GMT f1397696-738c-4295-afcd-943feb885714:24 https://www.re-auctions.com/More-/News-Press/articleType/ArticleView/articleId/22/Shaker-Hills-Golf-Club-to-be-auctioned#Comments 0 https://www.re-auctions.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=76&ModuleID=428&ArticleID=22 https://www.re-auctions.com:443/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=22&PortalID=0&TabID=76 https://www.re-auctions.com/More-/News-Press/articleType/ArticleView/articleId/22/Shaker-Hills-Golf-Club-to-be-auctioned Boston Business Journal by Thomas Grillo, Real Estate Editor Date: Friday, March 16, 2012, 12:07pm EDT Shaker Hills Golf Club in Harvard is facing the auction gavel.   Attorneys for the Middlesex Savings Bank   have set the date for a foreclosure auction to be held on Thursday, April 12, at 11 a.m. at 146 Shaker Road, according to a legal notice.   The 18-hole championship golf course features a 13,000-square-foot clubhouse with functions rooms, a restaurant and bar, kitchen, locker rooms, pro shop, and members lounge area. Shaker Hills includes three parcels of property along Shaker Road.   Club owners could not be reached for comment. The phone number listed for Shaker Hills was not in service.   Shaker Hills received a $2.13 million mortgage from Middlesex Savings Bank, but failed to meet its obligations, the legal notice said.   Most of the 163-acre course is located along Shaker and Sheehan roads in Harvard, while the clubhouse and grill pub are in Ayer.   Golf courses began hitting hard times in 2009,according to industry sources. In the late 1990s and early 2000s, an oversupply of public and private golf courses developed. But by the mid-2000s, the ranks of golfers began to dwindle. Since 2005, when it peaked at 30 million, the number of golfers has dropped 9.6 percent to 27.1 million in 2009, the most recent data available. Webmaster Wed, 04 Apr 2012 13:56:00 GMT f1397696-738c-4295-afcd-943feb885714:22 https://www.re-auctions.com/More-/News-Press/articleType/ArticleView/articleId/20/Hickory-Ridge-in-Amherst-sold-to-New-Jersey-based-golf-course-management-company#Comments 0 https://www.re-auctions.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=76&ModuleID=428&ArticleID=20 https://www.re-auctions.com:443/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=20&PortalID=0&TabID=76 https://www.re-auctions.com/More-/News-Press/articleType/ArticleView/articleId/20/Hickory-Ridge-in-Amherst-sold-to-New-Jersey-based-golf-course-management-company Published: Thursday, March 15, 2012, 12:46 PM By Diane Lederman, The Republican AMHERST – A partner and owner in a New Jersey-based golf course management company paid $1,000,050 for the Hickory Ridge Country Clubat a TD Bank foreclosure auction Thursday. Jay Craig, a partner in Appliedgolf in Millstone Township, N.J., said he doesn’t know if he will own the course personally or whether his company will own it. He owns three other courses himself. Appliedgolf owns and manages about 13 courses from New Jersey to St. Petersburg, Fla., he said. Hickory Ridge is the furthest north the company has gone. There were several other unidentified bidders. The auction opened at $1 million but when no one bid, the price was dropped to $750,000 before climbing back up. The 18-hole course includes a restaurant, banquet facility and pro shop. According to the latest assessor’s records, the 150-acre course is valued at nearly $1.3 million. Craig said he had been talking to former owner Douglas Harper, who bought the course in 2003 for about $3.5 million, for 2½ years about purchasing the course before the bank “forced the issue,” he said. “We’re on very friendly terms,” he said. He said some of the staff will remain. Craig said the course will focus on a semi-private model, which caters to its members and invited guests. He was hoping to open the course in about two weeks, but declined to bid on the equipment sold at auction separately. He didn’t think it was worth the $75,000 the bank bid. He said he hopes to open in mid-April and will send out mailings to members today. About 100 people packed the banquet room for the auction, including many golfers who waited after the auction to hear the course’s fate. Patty Freedson of Belchertown has golfed the course for 20 years. “I love the course, I love the people.” she said. Hadley resident Michael Pequignot has also played at the course for 20 years. “It’s a great course. Great people, it’s convenient,” he said. Pequignot, who’s retired, said he plays every day. Last week, the former owner of the clubhouse at the nine-hole Northampton County Club and the mortgage holder bought the clubhouse for $600,000 at a foreclosure auction. The purchase included rights to the 9-hole course. According to the Appliedgolf website, the company vision “is to create the highest quality golf and club experience while maintaining personal involvement with the members, employees, and club-owners ensuring their long-term profitability.” Webmaster Fri, 16 Mar 2012 13:20:00 GMT f1397696-738c-4295-afcd-943feb885714:20 https://www.re-auctions.com/More-/News-Press/articleType/ArticleView/articleId/19/Dartmouth-banquet-facility-sold-for-25M-at-auction#Comments 0 https://www.re-auctions.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=76&ModuleID=428&ArticleID=19 https://www.re-auctions.com:443/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=19&PortalID=0&TabID=76 https://www.re-auctions.com/More-/News-Press/articleType/ArticleView/articleId/19/Dartmouth-banquet-facility-sold-for-25M-at-auction By Steve Urbon - www.SouthCoastToday.com surbon@s-t.com December 06, 2011 12:00 AM DARTMOUTH — The Hawthorne Country Club was auctioned off Monday morning for $2.5 million to Kevin Santos, owner of the Waterfront Grille in New Bedford. Santos immediately made it clear he has no interest in selling it to a developer but rather that he wants to repair and upgrade the facility and keep it in the golf and banquet business. TD Bank had foreclosed on the property after the estate of the late owner, William Schuler, failed to meet payments. The auction attracted a half dozen bidders and a crowd of about 75 people in the building's parking lot. Auctioneer Dan McLaughlin tried to open the bidding at $2.5 million but got no bids until he went down to $1.5 million. From there, it came down to a contest between Santos and Carlos Rafael, owner of a large New Bedford fishing fleet and scallop facility. But Rafael stopped bidding at $2.4 million: "I'm out." And Santos, standing next to him, won with a $2.5 million bid that McLaughlin let hang in the air for at least a minute. Rafael told The Standard-Times that in his estimation the property, which includes the clubhouse, banquet facility and nine-hole golf course with an expansive view of the Paskamansett Valley, is worth between $1.9 million and $2.1 million. "The building has problems," Rafael said. "For one thing, it needs a new roof. That's $100,000. And the kitchen needs to be improved." When the bidding passed $2.1 million, "that was the ball game," he said. But that didn't deter Santos. "Hawthorne Country Club is a magnificent piece of real estate," Santos said. "I have lived in Dartmouth all my life and I don't want this to go to a developer. "We're going to continue operations as existing." The kitchen, he said, needs a rehab, along with other improvements. Santos cemented his bid with a $20,000 deposit check; the remainder of the price must be paid within 30 days or the property goes to the second-highest bidder, which would be Rafael. The future of the 55-acre club has been uncertain since Schuler died in March. The Tucker Road club, which has been in business for more than 40 years, closed Nov. 20 after holding the last scheduled events, but the staff remained hopeful that the closure was just for the season and that it would reopen by spring. Pam Williams, the club's controller, said Hawthorne in October began warning customers who had booked events there for next year or beyond to look for alternative venues. It held all of the remaining weddings and other events planned for this fall and returned deposits to people who booked future dates, Williams said. Anne Arsenault, manager of the banquet facility, said she is pleased that Santos intends to preserve "this important landmark." She said it was important that the club managed to refund all of the deposits to people who had booked events. "We'll keep them on the books," she said. "There's a potential bright future, and the golfers would like to stay here, too." She said the transfer to new ownership is "very happy but very sad" but she thinks highly of Santos, whom she knows for his ownership of the very successful Waterfront Grille. The property is classified as recreational land under state law, Chapter 61B, which provides preferential tax treatment in return for preservation. The club's banquet space includes a main room that can hold up to 350 people. It employs up to 55 people, mostly part-time, during its busy season. Schuler, who lived in Marion, bought the business in 1969 and sold it in the mid-1970s. He bought it back in 1984. Auctioneer Daniel P. McLaughlin, center, points to Carlos Rafael, far right, for one last chance to top the final bid posted by winner Kevin Santos, far left, at the auction of the Hawthorne Country Club in Dartmouth Monday. Peter Pereira/The Standard-Times Webmaster Tue, 06 Dec 2011 14:08:00 GMT f1397696-738c-4295-afcd-943feb885714:19 https://www.re-auctions.com/More-/News-Press/articleType/ArticleView/articleId/16/Absolute-Auction-Draws-A-Crowd-In-Allen-Harbor-Neighborhood#Comments 0 https://www.re-auctions.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=76&ModuleID=428&ArticleID=16 https://www.re-auctions.com:443/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=16&PortalID=0&TabID=76 https://www.re-auctions.com/More-/News-Press/articleType/ArticleView/articleId/16/Absolute-Auction-Draws-A-Crowd-In-Allen-Harbor-Neighborhood by William F. Galvin Cape Cod Chronicle HARWICH – It is not often you can participate in a real estate auction where the owner has previously signed the purchase and sales agreement and bidders can name their price. It is even more rare when that real estate is in the upscale neighborhood to the west of Allen Harbor. Realtor Thomas H. Peterson said he sold a home this past year along near by Dunes Road for $3.5 million and another property across the street from the home auctioned off Friday on Mirasol Lane a year and a half ago for $1.1 million. That was the second home in the immediate neighborhood sold for more than $1 million over the past couple of years. But that was then and this is now, and for property owner John Quincy, Jr. of 16 Mirasol Ln., the then and now are miles apart. The Quincy property went on the market the beginning of this year with an asking price of $1.3 million, said Peterson. “The real estate market was so slow and I have to move into another house, it was awful, I had to drop the price three times,” Quincy told The Chronicle Friday. Still there were no buyers. So Quincy made a decision to auction the real estate, but did so with no safety net. “It’s an absolute auction,” explained Daniel P. McLaughlin of the auctioneer and appraisal company of the same name. “There is no minimum bid required and the seller is obligated to take the high bid regardless of the price.” It takes courage for the seller to do this,” Peterson said. McLaughlin agreed, pointing out in the more than 20 years he has been in business, he has auctioned off more than 13,000 properties, but only on about five occasions has he done a “name your price” auction. The property is located off Lower County Road, less than a couple of hundred yards from Allen Harbor and under a quarter of a mile from Nantucket Sound. It is part of a 110-lot subdivision created in the 1920s by Ben Whitehouse, who later donated Whitehouse Field to the town -- the location where the Harwich Mariners of the Cape Cod Baseball League play their home games. The Quincy house was the model home developed for that subdivision, Peterson said on Friday. It’s a four-bedroom Cape with two bathrooms, wide pine floors, living/dining area and fireplace. It has dual enclosed porches, irrigation system, security system and an in-ground pool. The structure is situated on .38 acre. The home is well kept. Its assessed value is $664,300. “He’s a frustrated seller, he has no mortgage, and he’ll take what he can get,” Peterson said the day before the auction. “It’s a nice elegant old house.” The homeowner stood in the shadow of the two-car garage as bidders and curiosity seekers washed over the property on Friday morning. The bidders came with a $25,000 deposit check and an understanding there would be a five percent buyer’s premium added to the purchase price. The sign on the front lawn defined the terms of the auction, including the balance due in 30 days. But it was the bottom of the sign that caught the attention of the crowd: “AbsoluteAuction – No Minimum Bid. This property will be sold regardless of price.” “It’s a rare opportunity,” McLaughlin told the assembled group. “You don’t get the opportunity often to have an absolute auction, especially in this neighborhood. It’s a fantastic opportunity.” The auctioneer went on to stress the purchase is “as is, where is.” The only condition ensures a septic system certificate will be provided assuring compliance when the closing takes place. “We’ll start where you want,” McLaughlin said as 14 registered bidders stood anxiously at the ready. But no one responded to the auctioneer; so McLaughlin started at $250,000 and in five instances bidders acknowledged an increase of $50,000. Once at $500,000 and with interested parties narrowed to two participants, a bid for $525,000 was made. “Who will bid $550,000?” inquired McLaughlin –silence. He asked again --silence. Going once, going twice.Astall, then Kim Khazei, an anchor for WHDH, Channel 7 news in Boston, offered $530,000. “$540,000, who will offer $540,000?” called out McLaughlin. Silence again. Then Ed Acton, a local resident, signaled his winning bid. “I’m a little disappointed,” Khazei said of the property slipping out of reach. As second highest bidder she would still have a chance to purchase the property should Acton not meet the conditions of the sale. Acton said the absolute bid is a different and interesting marketing tool for a selling a property. He stated his intention to upgrade the home, but said little more. “It’s better than I expected,” Quincy said of the final bid price. Webmaster Tue, 29 Nov 2011 10:36:00 GMT f1397696-738c-4295-afcd-943feb885714:16 https://www.re-auctions.com/More-/News-Press/articleType/ArticleView/articleId/15/JJ-Marine-will-hit-foreclosure-auction-block-later-this-month#Comments 0 https://www.re-auctions.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=76&ModuleID=428&ArticleID=15 https://www.re-auctions.com:443/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=15&PortalID=0&TabID=76 https://www.re-auctions.com/More-/News-Press/articleType/ArticleView/articleId/15/JJ-Marine-will-hit-foreclosure-auction-block-later-this-month By Grant Welker Herald News Staff Reporter Posted Nov 02, 2011 @ 06:36 PM SOMERSET —The former J&J Marine site on the Taunton River will be sold at a foreclosure auction later this month.   The boat manufacturing and repair company closed this summer after 21 years, leaving the town with nearly $63,000 in unpaid real estate bills on the property. The company stopped paying its real estate bills in fiscal 2010 — right after it got a tax break after making site improvements in 2009 that allowed it to skip out on personal property taxes for two years, according to town records. The property is now in tax title, with $62,574 in unpaid real estate bills collecting 16 percent interest. “You can’t just not pay your taxes,” town Treasurer Kathleen Trafka said. “It’s not fair to everyone else in town.” An auction has been scheduled for Nov. 17 by Daniel P. McLaughlin Auctioneers. It will be held at 11 a.m. at the site, with a requirement that bidders provide $100,000 in cash or certified check at the time and place of the sale. The 6.6-acre site was last assessed at nearly $1.4 million. J&J Marine co-owner Steve Anderson and the trustees of the A & B Realty Trust purchased the property in 2002 for $750,000. J&J Marine was opened in 1990 by Jeff Botelho, who became a co-owner when Anderson joined in 1999, according to the company’s website. The site, at 1 Main St., has two buildings with a combined area of 52,490 square feet, according to the auctioneer, and the property is also permitted to expand the marina to 65 slips. Mechanics Cooperative Bank holds the mortgage for the property.   Email Grant Welker at gwelker@heraldnews.com. Read more: http://www.heraldnews.com/business/x2086385523/J-J-Marine-will-hit-foreclosure-auction-block-later-this-month#ixzz1ckLawQva Webmaster Fri, 04 Nov 2011 14:29:00 GMT f1397696-738c-4295-afcd-943feb885714:15 https://www.re-auctions.com/More-/News-Press/articleType/ArticleView/articleId/14/Bank-auctioning-off-Hanover-land--Washington-St-sites-for-sale#Comments 0 https://www.re-auctions.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=76&ModuleID=428&ArticleID=14 https://www.re-auctions.com:443/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=14&PortalID=0&TabID=76 https://www.re-auctions.com/More-/News-Press/articleType/ArticleView/articleId/14/Bank-auctioning-off-Hanover-land--Washington-St-sites-for-sale By Michele Morgan Bolton Globe Correspondent  September 22, 2011 HANOVER - Two parcels of land that were part of an ambitious, 100-plus-acre mixed-use development plan along Washington Street are slated to be sold at auction this morning, the victims of a harsh economic downturn that quashed the dream of its developers and landed them in foreclosure. More than half of the land owned by a subsidiary of the Norwell-based Witsop Development Group has been put up for sale by South Shore Savings Bank. The sale, which was originally planned for May, was again postponed in July after the owners filed for bankruptcy protection. On Friday, auctioneer Daniel McLaughlin, whose Boston-based firm is handling the sale for the bank, said the parcels went back on the books for auction today after the bankruptcy claim was dismissed in court. The parcels are part of the foundered Village of Hanover project, characterized in 2005 as an upscale lifestyle center that would enhance Hanover’s growing main thoroughfare. The project was to include one section called Village Park, with more than 200,000 square feet of commercial and residential space, and another to be known as Village Commons, a 104-unit condo project. The development’s first phase, a 12,000-square-foot strip-mall complex called the Village Square, was the only facet of the development that was ever completed. Two years ago, though, it was placed in Chapter 11 bankruptcy protection. McLaughlin has included the parcels to be auctioned in a grouping of featured properties on his website and said he plans to conduct the auctions himself. The fact that the project already has all its permits and is considered to be “shovel ready’’ should appeal to buyers who want to get moving quickly without having to start from scratch, he said. One of the properties is the 56.23-acre site where the Village Commons part of the overall plan was to go. It has miles of infrastructure already in place, including roads that have been constructed, drainage systems, and curbs. The other spot is a 1.8-acre piece of land that contains a partially completed sewage-treatment facility that was to have supported both the residential and the commercial projects, according to the listing. Neither the attorney for the bank nor the owners of the land could be reached for comment. But according to the Boston Business Journal, the developers at Witsop got a $2 million loan from South Shore Savings Bank in 2004 and then a year later secured two more for $3.9 million and $275,000. Then, in 2007, the bank extended a $6.6 million mortgage to the development group, according to the published account. According to other news reports at the time, Witsop’s partners claimed that the bank opted not to close on a key construction loan in 2008, which left them high and dry for money. As the economy tanked, the company was unable to find another source of money to move the project forward. Soon, the bank foreclosed, which launched another string of bad tidings. After today’s sale, McLaughlin said a $100,000 down payment from the winning bidder will be required on the larger property and a $50,000 deposit is needed for the smaller one. While he did not want to discuss details about the pricing, or at what dollar figure he plans to get the bidding rolling this morning, McLaughlin said it’s really the other end of the equation that’s key, at least as far as the bank is concerned: “It’s where it ends up that really matters.’’ Michele Morgan Bolton can be reached at michelebolton@live.com. Webmaster Thu, 22 Sep 2011 16:24:00 GMT f1397696-738c-4295-afcd-943feb885714:14 https://www.re-auctions.com/More-/News-Press/articleType/ArticleView/articleId/13/Bradley-Square-parcels-sell-for-500000-at-auction#Comments 0 https://www.re-auctions.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=76&ModuleID=428&ArticleID=13 https://www.re-auctions.com:443/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=13&PortalID=0&TabID=76 https://www.re-auctions.com/More-/News-Press/articleType/ArticleView/articleId/13/Bradley-Square-parcels-sell-for-500000-at-auction www.MVTimes.com By Steve Myrick August 4, 2011 Two parcels known as Bradley Square in Oak Bluffs, once intended for an ambitious project to create affordable housing, low-cost retail space, and to preserve a historic building, were sold at auction August 4, for $500,000.   An Oak Bluffs architect bought the land and the deteriorating building on it at a foreclosure sale. The building, known as the Denniston house, was the first African-American church on the Island. The ambitious restoration and affordable housing project backed by the Martha's Vineyard Housing Fund, formerly called the Island Affordable Housing Fund, won approval from the Martha's Vineyard Commission and town regulatory boards after more than a year of bitter neighborhood opposition, but failed when the housing fund was unable to raise $1.3 in private donations to complete the project.   The winning bidder was William "Chuck" Sullivan, according to several who know him. Mr. Sullivan is an architect involved in several high-profile residential and commercial projects on Martha's Vineyard. He once served on the town's zoning board of appeals.   Mr. Sullivan declined to comment to reporters after the auction, refusing even to confirm his identity. He did not respond to emailed requests for comment.   Mr. Sullivan was one of three registered bidders at the auction.   Matt Viaggio also registered to bid. While Mr. Viaggio did not bid, Mr. Sullivan consulted with him several times during the bidding. Mr. Viaggio was involved in extensive discussions with Mr. Sullivan and bank attorney Jane Pineau, immediately following the sale.   In 2007, four months after the housing fund bought the commercial parcel at 96 Dukes County Avenue, Mr. Viaggio bought the abutting property, a .20-acre commercial parcel at 100 Dukes County Avenue, according to town assessors' records. He still owns the property. Mr. Viaggio also declined comment.   The Martha's Vineyard Savings Bank holds the mortgage note on the property and was the only bidder against Mr. Sullivan. The bank dropped out after a bid of $495,000.   Brad Egan, executive vice-president of the Martha's Vineyard Savings Bank, was one of several bank representatives at the auction. Asked if the bank was pleased at the result of the sale.   "We're not pleased to be at an auction," Mr. Egan said. "It's an unfortunate circumstance." Sad sale   Until the auction, the Martha's Vineyard Housing Fund, formerly called the Island Affordable Housing Fund, owned the property. The fund bought two parcels of land and the Denniston house, for $905,000 in 2007.   The fund stopped making payments in October 2010, once its directors decided not to move forward with the project, saying it would be irresponsible to use donations to pay the mortgage, with no viable plan for development. The property was on the market for nearly a year, but no buyers emerged.   On June 15, the Martha's Vineyard Savings Bank told the fund that the bank had begun foreclosure proceedings.   At the time of the foreclosure proceedings, the fund owed $746,789 on the mortgage note, including interest and late fees. The bank also froze about $80,000 the housing fund had in accounts with the bank. Some of the housing fund's assets were restricted by agreement with the donors for use on other projects, according to Ewell Hopkins, the fund's executive director. He said the fund has retained an attorney to get those funds released.   "We have to get past this," Mr. Hopkins said minutes before the bidding started. "If this is the step that has to be taken, so be it."   After the auction, he was distressed at the result.   "I'm amazed at that price," Mr. Hopkins said. "If the bank had let us sell it at that price, it would have been gone nine months ago. It makes no sense at all."   The housing fund still owes the Martha's Vineyard Savings Bank approximately $260,000 on the mortgage note for the Bradley Square property, as well as about $59,000 owed on the mortgage note for a house in the Jenney Way affordable housing development in Edgartown. The bank agreed to a "short sale" on that property. With market conditions pressuring sales prices downward, the housing fund accepted an agreement to sell the house for less than it owed.   Bank officials would not speak specifically about the Bradley Square auction, but said when the bank gets less than it is owed in the foreclosure process, several resolutions are possible.   In some cases, the bank does not move to collect the remaining debt and writes it off as a loss. In other cases it moves aggressively to recover the debt, seeking liens against the property owner's assets. In other cases, the property owner works out a repayment plan for some or all of the remaining debt. Webmaster Thu, 11 Aug 2011 19:08:00 GMT f1397696-738c-4295-afcd-943feb885714:13 https://www.re-auctions.com/More-/News-Press/articleType/ArticleView/articleId/11/Sandwich-Ridge-Club-sold-at-auction#Comments 0 https://www.re-auctions.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=76&ModuleID=428&ArticleID=11 https://www.re-auctions.com:443/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=11&PortalID=0&TabID=76 https://www.re-auctions.com/More-/News-Press/articleType/ArticleView/articleId/11/Sandwich-Ridge-Club-sold-at-auction Cape Cod Times By Sarah Shemkus sshemkus@capecodonline.com June 15, 2011 SANDWICH — At the upscale Ridge Club on Tuesday morning, golfers were loading their clubs onto carts, the maintenance staff was grooming the fairways — and an auctioneer was selling off the entire property to the highest bidder. Nearly 100 spectators, mostly club and community members, watched as the operation was sold at foreclosure auction for $3 million. The buyer was Capmark Bank, the Utah-based financial institution that held the $6.2-million mortgage on the property. "The bank has taken back the property, has engaged a management company and expects business to continue as usual," Bruce Barnett, an attorney representing the bank, said after the auction. Barnett's $3 million bid on behalf of the bank was the first and only offer made during the auction, though there were four registered bidders in attendance. The sale included the private 18-hole golf course, a 17,800-square-foot clubhouse, tennis facilities and all of the equipment and furnishings involved in the operation of the club. Sequoia Golf Holdings, the golf management company that has run the 300-member club for more than a year, will continue to operate the facility. No interruptions in operations are expected, Sequoia executive Jody Graham said. "No changes, business as usual," he said. The club's finances have remained strong, general manager Bob Higgins said. "We're paying our vendors, our members are paying their dues," he said. The change in ownership will not affect the club's 85 employees, all of whom will keep their jobs, he said. The club last changed hands in August 2007, when it was bought by CPG Ridge Club LLC for $5.9 million. CPG Ridge Club LLC has connections to prominent asset management firm the Carlyle Group. State corporations records place CPG Ridge Club's address at the Carlyle Group's offices in Washington, D.C. They also authorize Hayden Jones, who was a managing director at the firm at the time of the filing, to conduct business for CPG Ridge Club. The Carlyle Group did not respond to a request for comment. The Carlyle Group ran into some financial difficulties during the economic downturn. In 2008, affiliate company Carlyle Capital Corp., which was heavily invested in mortgage-backed securities, defaulted on about $16.6 billion in debt. Last year, the Carlyle Group lost $330 million when a Japanese mobile phone company it had invested in filed for bankruptcy. The winner bidder, Capmark Bank, also has its share of financial difficulties. In November 2009, parent company Capmark Financial filed for Chapter 11 bankruptcy protection; the company filed a reorganization plan in April. The club was developed in the 1980s. Previous owner Mark Ventre bought the property in 2003 for $2.5 million. Webmaster Wed, 15 Jun 2011 17:28:00 GMT f1397696-738c-4295-afcd-943feb885714:11 https://www.re-auctions.com/More-/News-Press/articleType/ArticleView/articleId/8/Ridge-Club-Golf-Course-to-be-Auctioned#Comments 0 https://www.re-auctions.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=76&ModuleID=428&ArticleID=8 https://www.re-auctions.com:443/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=8&PortalID=0&TabID=76 https://www.re-auctions.com/More-/News-Press/articleType/ArticleView/articleId/8/Ridge-Club-Golf-Course-to-be-Auctioned Cape Cod Times 05/18/2011 SANDWICH — The golf course, clubhouse and related facilities at the center of The Ridge Club, a gated community in Sandwich, are set to be sold at auction on June 7 (POSTPHONED TO JUNE 14, 11AM). The foreclosure proceeding was initiated by Utah-based Capmark Bank, which loaned the country club's owners, CPG Ridge Club LLC, $6.2 million in March 2008, according to records in the Barnstable County Registry of Deeds. The company bought the property — which includes a private, 18-hole golf course, 86 acres of land, a 17,800-square-foot clubhouse and several other buildings — for $5.9 million in August 2007, according to registry records. The property's facilities include a tennis complex, heated pool with locker rooms and snack bar, and a clubhouse with dining rooms, bar, kitchen, function space, locker rooms and pro shop, according to the website of auctioneer Daniel P. McLaughlin & Co. The club was developed in the 1980s. Previous owner Mark Ventre bought the property in 2003 for $2.5 million. Capmark referred inquiries to Thomas Fairfield, its executive vice president and general counsel. Fairfield was traveling on Tuesday and could not be reached for comment. A message left Tuesday afternoon at the Ridge Club seeking comment was not returned. Webmaster Wed, 18 May 2011 14:39:00 GMT f1397696-738c-4295-afcd-943feb885714:8 https://www.re-auctions.com/More-/News-Press/articleType/ArticleView/articleId/5/Bank-pays-25M-for-Framingham-Arcade#Comments 0 https://www.re-auctions.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=76&ModuleID=428&ArticleID=5 https://www.re-auctions.com:443/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=5&PortalID=0&TabID=76 https://www.re-auctions.com/More-/News-Press/articleType/ArticleView/articleId/5/Bank-pays-25M-for-Framingham-Arcade By Danielle Ameden/Daily News staff MetroWest Daily News FRAMINGHAM — At auction yesterday, a Boston bank outbid investors and landed the deed to downtown's Arcade block, signaling the end of a bankrupt developer's ambitious plans for the spot. As mortgage-holder, First Trade Union Bank called for the sale after finalizing foreclosure proceedings against Framingham Acquisition LLC. The Planning Board in 2004 approved the developer's plans for a $60 million mixed-use project that never materialized. Real estate auctioneer Daniel McLaughlin ran a quick sale inside the arcade entry of 101-117 and 121-179 Concord St. Three private investors refused to top the $2.5 million starting bid made by consultant Bob Bender on the bank's behalf. One, Nick Fiorillo, of Shrewsbury, suggested he would have bid up to $2 million. Bender refused to comment afterward on the block's future. Across the street in the Memorial Building, though, Alison Steinfeld, the town's director of community and economic development, said her office will continue working to see the block receive a makeover. "It's a question of what the bank wants to do with the property," she said. The town says it is owed more than $642,000 in unpaid property taxes and other utilities dating to fiscal 2008, and has placed liens on the property. Before developer Michael Perry filed for Chapter 11 bankruptcy protection last year, he planned for demolition and new construction of 290 apartments, 40 hotel rooms, 50,000 square feet of commercial and office space, a rooftop garden, swimming pool and other amenities. "That would have been very good for Framingham. Downtown Framingham is dead as it is," said John Araujo, who, with his wife, runs a clothing store at 113 Concord St. "I think it's going to be 10 years, status quo." The block is home to a CVS, several other businesses and some vacant storefronts. Araujo qualified to bid in the auction, but hoped only to buy the office condo he and his wife now lease. Another planned piece of the Arcade project was sold off in September. As in the case of yesterday's auction, mortgage-holder Framingham Co-operative Bank, outbid investors interested in six nearby parcels. That bank lent Framingham Acquisition $1.8 million in 2004 to buy five triple-deckers on Frederick Street and a lot on Kendall Street. The developer razed the multifamily home on the lot and had planned to tear down the five other homes to build a six-story parking garage. (Danielle Ameden can be reached at 508-626-4416 or dameden@cnc.com.) Read more: Bank pays $2.5M for Framingham Arcade - Framingham, MA - The MetroWest Daily News http://www.metrowestdailynews.com/archive/x1148223506/Bank-pays-2-5M-for-Framingham-Arcade#ixzz1FFe9ls40 Webmaster Wed, 29 Dec 2010 11:29:00 GMT f1397696-738c-4295-afcd-943feb885714:5 https://www.re-auctions.com/More-/News-Press/articleType/ArticleView/articleId/3/The-Boston-Hearld--One-Kendall-Sq-for-sale-maybe#Comments 0 https://www.re-auctions.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=76&ModuleID=428&ArticleID=3 https://www.re-auctions.com:443/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=3&PortalID=0&TabID=76 https://www.re-auctions.com/More-/News-Press/articleType/ArticleView/articleId/3/The-Boston-Hearld--One-Kendall-Sq-for-sale-maybe   For sale: One Kendall Square, a nine-building campus in East Cambridge with 676,000 square feet of commercial space. Name your price. Anglo Irish Bank, the lender that holds the note on the property, has scheduled a foreclosure auction for Dec. 16 at 11 a.m., even though the property owners say there is no problem with the loan. The mixed-use campus, located within walking distance of the Massachusetts Institute of Technology, was purchased in 2006 for $210.5 million by the Beal Cos. and Rockwood Capital. Robert Beal declined comment but, in a statement, the ownership team said, “Our loan is fully performing and there are no legitimate issues with it. We will own this property for a long time to come.” Anglo Irish, now owned by the Irish government, has posted the largest-ever financial loss in Irish corporate history. Over the past 15 months, the company - once known as the developers’ bank - has lost $16 billion and the government is now trying to recoup as much money as it can to cover the firm’s losses. One Kendall - the former Boston Woven Hose Factory - features office, lab and retail space, and a 1,500-car garage. It is more than 90 percent occupied with office tenants including Helicos BioSciences, Stryker, Idenix Pharmaceuticals and Harvard Medical School. Restaurants include Tommy Doyle’s Irish Pub, the Cambridge Brewing Co., the Friendly Toast, Flat Top Johnny’s and the Blue Room. Kristen Binck, the attorney representing Anglo Irish, did not return a call seeking comment. Irish bank schedules auction By Thomas Grillo - www.bostonherald.com Tuesday, November 9, 2010 Dan McLaughlin Tue, 09 Nov 2010 16:36:00 GMT f1397696-738c-4295-afcd-943feb885714:3 https://www.re-auctions.com/More-/News-Press/articleType/ArticleView/articleId/2/The-MetroWest-Daily-News--Framingham-auction-postponed-landlord-faces-criminal-charge#Comments 0 https://www.re-auctions.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=76&ModuleID=428&ArticleID=2 https://www.re-auctions.com:443/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=2&PortalID=0&TabID=76 https://www.re-auctions.com/More-/News-Press/articleType/ArticleView/articleId/2/The-MetroWest-Daily-News--Framingham-auction-postponed-landlord-faces-criminal-charge By Danielle Ameden/Daily News staff The MetroWest Daily News Posted Sep 01, 2010 @ 12:49 AM FRAMINGHAM — Investors interested in bidding on pieces of the failed downtown Arcade redevelopment project gathered yesterday on Frederick Street, but the bank holding the mortgage postponed a planned auction. As part of foreclosure proceedings, Framingham Co-operative Bank has moved to sell five triple-deckers on Frederick Street and a vacant lot at 80 Kendall St. Because of an advertising error, the auction was rescheduled for Sept. 24, but a small crowd of potential bidders and spectators met on the hot afternoon with the real estate auctioneer, bank president Mark Haranas and the bank's lawyer, Mark's son Peter Haranas. The town, meanwhile, is pursuing criminal charges against Wellesley project developer Michael Perry for egregious state sanitary code violations at one of those multi-family homes. Inspectors found cockroaches, rodents and safety issues in one apartment Perry has refused to correct, according to an application for a criminal complaint on file in Framingham District Court. The Board of Health said it has found bedbugs and other serious problems in others of Perry's Frederick Street apartments that are on the auction block. Framingham Co-operative plans to sell the six properties either separately or bundled together. "It's an unfortunate issue for some people, but it's an opportunity for others, as sad as it is," said potential bidder Joseph Keefe of Framingham. The properties were part of ambitious plans for a large multi-use project approved by the town in 2004 and surrounding the historic Arcade building on Concord Street. The project collapsed before any significant progress was made, due to developer Framingham Acquisition's financial failings. Perry declined comment on Monday and did not return a call yesterday. "I was excited at the beginning of the project, especially for this neighborhood," said Keefe, who owns another investment property on Frederick Street. "It would have been a tremendous upswing, I think." Mark Haranas said Perry's Framingham Acquisition obtained a mortgage through his bank for the six properties, and financing from a separate lender for the Concord Street block building. The developer also sought financing from the independent MassHousing for its $60 million redevelopment project. Approved by the Planning Board in 2004, it called for demolition and new construction of 290 apartments, 40 hotel rooms and 50,000 square feet of commercial and office space. Amenities were to include a rooftop garden, swimming pool and six-story parking garage. The plan was to raze the homes on Frederick Street to build the garage. Haranas declined to say how much Perry's group owes his bank for mortgage payments. He said the bank tried to sell the properties last year, but the developer filed for bankruptcy protection. "That stopped us." The bank has the court's go-ahead for this auction, Haranas said. Haranas said the mortgage holder for the Arcade building block at 101-175 Concord St. has been "running silent" about any foreclosure auction plans it has. "That's not going to be an easy thing," Haranas said. Across from the Memorial Building, the stretch of commercial block is home to a CVS/Pharmacy, the former Sampan Restaurant, Padaria Brasil Bakery and a number of Brazilian shops, as well as vacant storefronts. The Frederick Street parcels are at 29-31, 35-37, 39-41, 43-45 and 47-49. The paperwork Board of Health Director Ethan Mascoop filed in district court on July 27 charges Framingham Acquisition with numerous violations of the state sanitary code at 39 Frederick St., Apt. 3. Among them: shock hazards, the rodent and cockroach infestation, improper installations and maintenance, emergency exit issues, general disrepair, inadequate weathertightness, improper lighting and other problems. "It was particularly egregious," Mascoop said. He said Perry was "recalcitrant in complying with our order" to correct the violations. A clerk's hearing is scheduled for Sept. 14. Building Commissioner Mike Foley said his department has gone after the developer recently on other issues, including ordering Perry to replace several dilapidated porches, which he did. Town treasurer/collector Stephen Price said yesterday Framingham Acquisition owes the town nearly $650,000 in back taxes, sewer/water utility, interest and fees dating back to 2008. Additional interest is accrued every day. The total includes about $125,000 for the Frederick Street and 80 Kendall St. properties that Price said would need to be paid at closing, if they sell. On site, auctioneer Daniel McLaughlin, president of Boston-based Daniel P. McLaughlin & Co., announced the a new auction date: Sept. 24, at 2 p.m.. It will be held at 29-31 Frederick St. (Danielle Ameden can be reached at 508-626-4416 or dameden@cnc.com.) Webmaster Wed, 01 Sep 2010 19:42:00 GMT f1397696-738c-4295-afcd-943feb885714:2 https://www.re-auctions.com/More-/News-Press/articleType/ArticleView/articleId/1/Cape-Cod-Times--Rare-property-in-Osterville-sells-for-19M#Comments 0 https://www.re-auctions.com/DesktopModules/DnnForge%20-%20NewsArticles/RssComments.aspx?TabID=76&ModuleID=428&ArticleID=1 https://www.re-auctions.com:443/DesktopModules/DnnForge%20-%20NewsArticles/Tracking/Trackback.aspx?ArticleID=1&PortalID=0&TabID=76 https://www.re-auctions.com/More-/News-Press/articleType/ArticleView/articleId/1/Cape-Cod-Times--Rare-property-in-Osterville-sells-for-19M OSTERVILLE — Nearly 80 people crowded onto the sidewalks of downtown Osterville yesterday for the foreclosure auction of one of the village's central properties. After a flurry of bidding, the building, which runs from 846 to 858 Main Street, garnered a high offer of $1.9 million from Gene Crowley, a Natick-based commercial real estate investor. Dan McLaughlin Thu, 26 Aug 2010 19:15:00 GMT f1397696-738c-4295-afcd-943feb885714:1