New England Development will soon purchase Brockton’s Westgate Mall out of foreclosure, an executive with the Newton-based retail developer said this morning.

Dawn Neher, New England Development’s chief financial officer, said she expects her firm to close on the mall this week. Speaking at a Real Estate Lenders Association breakfast in Boston, Neher said her firm won the 600,000-square-foot shopping center because it could bring cash and a bank loan to the table, and because it could close on the deal quickly.

"We won not just because of the price, but also because of the sponsorship," Neher said. "The special servicer had a couple of bids, but it went back to sponsorship, and knowing we could close. We know the asset. We sold it once."

New England Development sold the Westgate Mall to Gregory Greenfield & Assoc. in 2004, for $58.5 million. Three years later, Gregory Greenfield was swallowed up by Australian financiers Babcock & Brown, a firm that subsequently went bankrupt.

The mall’s $51 million securitized mortgage matured in April of last year. Bank of America, the mortgage servicer, took the property back at foreclosure auction in December, with a $51 million bid. New England Development was the next-highest bidder at auction, with a bid in the $20 million neighborhood.

Neher did not say what New England Development would pay to take the Brockton mall out of foreclosure. She said the Newton-based developer had secured new tenants to plug some vacancies, and that the acquisition was being financed with equity and a "manageable" bank loan with high debt service coverage ratios.

New England Development also plans to break ground next month on a sizable retail development project in Northborough, Neher said. The development will be 80 percent pre-leased when it breaks ground in June. It will be anchored by Wegmans, BJ’s Wholesale Club, Kohl’s and TJ Maxx.