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MIDDLETON, MA-Chicago-based Sheldon Good & Co. Auctions LLC has been retained to auction 45 residential condominiums at Ironwood on the Green at Ferncroft, located at 36 Village Rd. InterCapital Partners Ltd., also based in Chicago, developed the two-building, 204-unit property as a rental apartment complex in 2003.

In January 2005, as GlobeSt.com reported, the developer obtained a $52.3-million, 30-month, floating-rate first mortgage on the complex to refinance existing construction and mezzanine debt and convert the property into for-sale condos. Steven Good, chairman and CEO of the auction company, says, "initial sales were well received." He also says auctions like this "are becoming part of a national trend, because the condominium market is volatile and because the auction process is much quicker than a conventional sale.

"Developer/builders with multiple homes would otherwise spend considerable money for carrying costs during the months or years it might take to sell the residences." Auction, he points out, provides "a relative time certain date of sale, allowing the developer/owners to recoup their initial investments and go on to pursue other projects."