Old Port parcels sell for $6M
Two prominent parcels in Portland's Old Port in foreclosure recently changed hands for nearly $6 million.
At an auction Friday, mortgage holder BACM 2007-3 Wharf Street LLC bought the properties on Wharf and Fore streets for $5.9 million, according to the Portland Press Herald. About 30 people turned out for the auction, with seven bidders paying the mandatory $50,000 deposit to take part in the auction. The properties were previously owned by Old Port Retail Holdings LLC, which bought them in May 2007 for a total of $8.31 million and also took part in the bidding Friday. No details were released on why the properties have been foreclosed on.
BACM 2007-3 Wharf Street LLC, which is managed by Florida-based LNR Partners LLC, did not disclose its plans for the properties, which are home to a number of businesses, including Blazin' Ace, Gorgeous Gelato, the Havana South restaurant and three bars -- Oasis, Pearl and Fore Play. According to the paper, BACM is a private entity that deals in commercial mortgage-backed securities.
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