With $29 million left remaining on a Bank of America loan, Greenbridge was foreclosed on March 1.
Developers of the 217,000-square-foot condominium building borrowed $43.5 million from the bank and then requested a loan increase when the economy tanked and construction costs rose. When the overruns continued, the bank requested a $1.6 million equity deposit, which the developers failed to pay, and the bank began the foreclosure process.
So far, 37 of the 97 residential units have been sold.