Westwood Station Owner Could be Chosen By December
Eastern Real Estate and New England Devlopment remain interested in purchasing the project.
Following a string of recent developments involving key players of Westwood Station, it's possible that a new owner of the project could be selected before the end of the year, officials said this week.
Eastdil Secured, which Anglo Irish Bank appointed to help sell its $10.5 billion portfolio of U.S. loans - a portion of which includes Westwood Station - is marketing the site and is aggressively seeking to find a new owner, Westwood's Economic Development Officer Chris McKeown said at Tuesday night's Board of Selectmen meeting.
"Eastdil believes that in four to six weeks, they'll have identified a new owner," McKeown said. "Theoretically, there'll be a new owner before Christmas."
Eastern Real Estate and New England Development remain the key interested parties to take over the project, McKeown added, but with the number of other entities showing interest, there is a chance they may not be the eventual owners.
"Who the ultimate owner will be, only time will tell," he said. "It's moving quickly through the process."
The potential picking of a new owner comes after a number of recent developments with the project during the last few months.
In August, Anglo Irish Bank selected Lone Star Funds of Dallas, Texas to buy the portion of its U.S. real estate loans that included Westwood Station.
Later in August, Commonfund Realty Investors, LLC, a key player in the project, paid outstanding real estate taxes on parcels of the property it owed to the town.
That payment came to $3.54 million, about $540,000 of which was for the current year's taxes for the first quarter of Fiscal Year 2012 - a payment that was due on Aug. 1.
About $3 million, meanwhile, was for past due taxes and interest, with about $2.66 million in tax principal and about $340,000 in interest.
Commonfund's payment brought the parcels up to date with all real estate taxes and interest due on the property.