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A condo property on Revere's waterfront is scheduled for a foreclosure auction after one of its towers was condemned this summer.
The site, spanning five acres on Ocean Avenue, includes three condo properties known as the Water's Edge Apartments.
The Davis Cos., which acquired the property's loan in October, brought the property up for auction, scheduled for Dec. 5 through Paul E. Saperstein's site, Banker & Tradesman first reported.
The $19.4M mortgage for the three properties was issued in 2018 from M&T Bank to former owner Carabetta Cos., according to Banker & Tradesman.
The three towers include the 13-story, 92-unit building at 364 Ocean Ave., the 16-story, 95-unit building at 370 Ocean Ave. and the 16-story, 119-unit building at 388 Ocean Ave.
In August, one of the condo buildings was cited for health, building and fire code violations, leading to 40 families being forced out of the property, Boston.com reported. In June 2022, a fire broke out in another one of the buildings, which has remained vacant after the incident displaced over 80 residents.
Revere Chief of Planning and Community Development Tom Skwierawski said that ever since the 2022 fire, the city has been working to ensure resident safety at the complex and looks forward to working with the new owner.
"While it is unfortunate that we have reached this point, we look forward to working with the new property owner to — in the midst of a housing crisis — provide a diverse array of new housing options for Revere residents and return quality, transit-oriented units back onto the housing stock," Skwierawski said in a statement to Bisnow.
The Davis Cos. didn't respond to Bisnow's request for comment.
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