Image courtesy of Cube 3 and Jacobs

A foreclosure auction is scheduled next month for a development site near Medford’s Wellington Circle approved for a $200 million life science tower.

Boston-based Rise Construction & Management acquired the 4054 Mystic Valley Parkway property for $8.25 million in 2023.

Avidia Bank provided $25 million in financing, according to mortgage data compiled by The Warren Group, publisher of Banker & Tradesman.

Paul E. Saperstein Co. Appraisers & Auctioneers scheduled an auction for Aug. 19. The property includes the 8,256 square-foot restaurant building, and existing approvals for the development. Bidders are required to submit a $200,000 deposit.

The 1.4-acre property contains one of the 10 remaining Bertucci’s restaurants in Massachusetts. The pizzeria chain filed for Chapter 11 bankruptcy in April, closing four restaurants at the time.

In 2022, Medford officials approved Rise’s plans for the 8-story, 311,535 square-foot lab project. But the acquisition was delayed after the owner of an adjacent property challenged variances granted by the Zoning Board of Appeals. The suit was dismissed in March 2023.

The Medford property is one of several developments proposed by Rise throughout Greater Boston in recent years.

The firm, led by former Suffolk Construction executive James Grossmann, had proposed a 272,500 square-foot TV and movie studio complex in Braintree in 2023, but the current owner of the 60 Columbian St. property placed it on the market last year.

A multifamily development on Dorchester’s Port Norfolk peninsula stalled amid a legal dispute with the original developer, City Point Capital.