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BOSTON-After mulling several options, including an auction, the lender on a stalled luxury condominium project near the city's waterfront has decided to finish the job on its own account, GlobeSt.com has learned. The 44-unit Broadluxe at 99-105 Broad St. was foreclosed on in April by TD Banknorth after the venture deteriorated into legal battles and cessation of construction. Claiming subcontractors and his firm are owed $5 million, general contractor Peter Martini says Winchester-based A.J. Martini was shut out of the project and is pursuing legal recourse after.

"It was very surprising to us," Martini says of learning that TD Banknorth has hired Union Construction Co. of Boston and is gearing up to move forward. A.J. Martini offered to finish the assignment amicably, says the company president, perhaps deferring final payments until Broadluxe sales were consummated. The $5-million tab was amassed late last year after his firm was given assurances the project would be funded, says Martini, estimating that the lender/owner is more than two months in arrears. Martini says TD's only communication for settling past bills was telling his firm to "get it from the developer," even after that group, Franklin Realty Advisors, ran out of money, according to previous published reports.

TD Banknorth spokeswoman Jennifer Carlson told GlobeSt.com that the person responsible for Broadluxe was unavailable, and declined comment on the issues related to Martini, citing the prospect of a court case. A regional institution based in Portland, ME and with a Canadian parent, TD Banknorth paid $17.5 million in April to regain control of the Broadluxe, then hired Tranzon Auction Properties, also of Portland, to secure a buyer. A source says TD Banknorth finally opted to pursue Broadluxe internally because "it was taking too long" to sort out the legal entanglements. The source also maintains that the concept is rational given the work is about 85% done. "Its not going to be a major renovation for them," says the source, who requested anonymity.