(Read more on the multifamily market.)
MIDDLETON, MA-Chicago-based Sheldon Good & Co. Auctions LLChas been retained to auction 45 residential condominiums atIronwood on the Green at Ferncroft, located at 36 Village Rd.InterCapital Partners Ltd., also based in Chicago, developed thetwo-building, 204-unit property as a rental apartment complex in2003.
In January 2005, as GlobeSt.com reported, the developer obtaineda $52.3-million,30-month, floating-rate first mortgage on the complex to refinanceexisting construction and mezzanine debt and convert the propertyinto for-sale condos. Steven Good, chairman and CEO of the auctioncompany, says, "initial sales were well received." He also saysauctions like this "are becoming part of a national trend, becausethe condominium market is volatile and because the auction processis much quicker than a conventional sale.
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