Bayside Exposition Center – Potential Boston Foreclosure?
Bayside Exposition Center, struggling for years for several years as much of its income-generating trade show business has migrated to the much larger Boston Convention & Exhibition Center, appears to be close to foreclosure. Corcoran Jennison Cos., a Boston real estate company, faces a forced auction on Bayside May 28 unless it can reach a deal with its lenders, LNR Massachusetts Partners, a division of LNR Property Corp., a Miami Beach development company.
An attorney for Corcoran Jennison said the firm was caught off guard by the foreclosure announcement, which was published in a legal notice in The Boston Globe yesterday. The two parties have been negotiating for several months over Corcoran’s missed debt payments. ”Given these discussions, we find it very strange that the lender is suddenly publishing legal notices in newspapers without notifying us in advance,” attorney John Mostyn said. He added that the talks are ongoing and that Corcoran Jennison anticipates a “very positive resolution.”
The Bayside center is the latest commercial property in Massachusetts to face foreclosure as property owners struggle to pay off debt as rental income from office and retail tenants declines during the economic downturn. The problem is coming to a head because many of those owners are also unable to refinance loans during the continued freeze on credit. Corcoran Jennison is also facing foreclosure on Glen Ellen Country Club in Millis, an 18-hole golf course where it was planning to build a 55-and-older residential community.
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