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Ironwood Condos Go On Block

MIDDLETON, MA-On Dec. 16 an auction will open for the sale of an initial 15 of 45 condos in Ironwood on the Green at Ferncroft on Village Road here.

By Marita Thomas | Updated on November 14, 2007

(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.

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