(Read more on the multifamily market.)
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."
An initial 15 of the 45 units will be auctioned at noon on Sunday, Dec. 16 at the Hilton Woburn at Two Forbes Rd. in nearby Woburn. One-bedroom-with-den, and two-bedroom units range from 808 sf to 1,126 sf and have private decks. Two-bedroom-with-deck units are 1,244 sf and have two balconies.
The condos are subject to minimum bids of between $125,000 and $215,000, versus original pricing of between $253,000 and $442,000. "With minimum bids at 55% of retail, and a great location," Good says, "the market is obviously in the purchaser's favor."
The units are in two seven-story buildings adjacent to the fifth fairway of the Ferncroft Country Club and Resort. Inspection dates are Nov. 17, 18 and 25 and every Saturday and Sunday until Dec. 15. Bidders are required to secure a detailed bidder's information packet.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
