North Shore Music Theatre Foreclosure Auction – October 1, 2009

Posted by admin
August 25, 2009
North Shore Music Theatre closed in June due to mounting financial problems. David Fellows, chairman of the NSMT Board of Trustees said the board of trustees has turned the property and assets over to Citizens Bank, which is in the process of foreclosing on the theater’s two mortgages, which total about $5.2 million.  The theater also owes another $5 million to subscribers and vendors, but that is unsecured debt that won’t be repaid unless the auction sale nets enough money, Fellows said.  Boston Culinary Group, which ran the theater’s food service, also has a $250,000 attachment on the property for unpaid bills.
Daniel P. McLaughlin and Co. Auctioneers says the auction is scheduled for Oct. 1 at 1 p.m. at the Dunham Road theater. Nobody at McLaughlin could be reached for comment.
The property and assets of the North Shore Music Theatre will be auctioned off to the highest bidder at an upcoming foreclosure auction, according to the theater’s former chairman.
The assets include three buildings — a theater-in-the-round, a restaurant and an education building — on 24 acres on Dunham Road alongside Route 128. There are also costumes, lighting, sound equipment and five vehicles, Fellows said.
The property is assessed at about $12 million, according to the city’s online records. Fellows said the theater’s total debts are in the $11 million to $12 million range.

North Shore Music Theatre closed in June due to mounting financial problems. David Fellows, chairman of the NSMT Board of Trustees said the board of trustees has turned the property and assets over to Citizens Bank, which is in the process of foreclosing on the theater’s two mortgages, which total about $5.2 million.  The theater also owes another $5 million to subscribers and vendors, but that is unsecured debt that won’t be repaid unless the auction sale nets enough money, Fellows said.  Boston Culinary Group, which ran the theater’s food service, also has a $250,000 attachment on the property for unpaid bills.

Daniel P. McLaughlin and Co. Auctioneers says the auction is scheduled for Oct. 1 at 1 p.m. at the Dunham Road theater. Nobody at McLaughlin could be reached for comment.

The property and assets of the North Shore Music Theatre will be auctioned off to the highest bidder at an upcoming foreclosure auction, according to the theater’s former chairman.

The assets include three buildings — a theater-in-the-round, a restaurant and an education building — on 24 acres on Dunham Road alongside Route 128. There are also costumes, lighting, sound equipment and five vehicles, Fellows said.

The property is assessed at about $12 million, according to the city’s online records. Fellows said the theater’s total debts are in the $11 million to $12 million range.

Boston Foreclosure Auctions, Foreclosure Auctions, How to Purchase a Foreclosed Property, help buying a foreclosure in Massachusetts

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A friend of mine just emailed me one of your articles from a while back. I read that one a few more. Really enjoy your blog. Thanks

Comment by Tony Orlando on August 25, 2009 @ 10:46 am
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