No participant in the receivership sale for 2580 Main St., the former Wood Haven retirement community, offered the reserve price of $5,691,400 at yesterday’s auction, so the lender submitted a credit bid for $3,870,000.
Pending approval by the court at a hearing on August 9, the lender will seek a buyer for the seven-acre lot, buildings and furnishings to recoup the more than $3 million it’s owed.
One interested party at the auction suggested that his company may seek to purchase the property, perform needed repairs, then sell or rent the facility to a provider of senior care services.
John T. Morrier, an attorney with Casner & Edwards, LLP, said that the outcome of the auction was quite typical, though there were “a dozen or so” potential bidders who showed serious interest in the property ahead of the sale on Monday.
“We had a lot of interest from other parties, some of whom might have tried to redevelop the property, some of whom might have used it for some form of senior living or other housing,” said Morrier. “But none of those bidders showed up to qualify for the auction.”
Like the Tewksbury Carnation on Facebook. Follow the Carnation on Twitter. Subscribe to receive email updates on our home page. Got a comment, question, photo, press release or news tip? Email us at email@example.com.