Lenders have scheduled another foreclosure auction at Union Point on the South Shore, the latest round involving 214 acres zoned for up to 8 million square feet of commercial development.

The parcels will be auctioned by Daniel P. McLaughlin Co. of Boston on March 13, according to a legal notice. The properties are next to the South Weymouth station on the MBTA commuter rail and zoned for office, industrial, retail and hospitality uses.

RFM-UBC High Yield Fund II issued a $40 million mortgage to Union Point Commercial LLC in December 2017, according to Norfolk County Registry of Deeds records.

Lender Washington Capital Management on Feb. 7 foreclosed on 115 acres at Union Point where more than 3,300 housing units were planned.

The 1,450-acre former naval air station in Abington, Rockland and Weymouth has struggled to attract commercial development under four developers and two redevelopment authorities over the past 21 years. Approximately 1,000 housing units have been built, but plans for up to 8 million square feet of commercial development have failed to gain traction.

The public agency that now oversees the entire property, Southfield Redevelopment Agency, voted last week to remove LStar as master developer, citing breaches of the development agreement. Weymouth Mayor Robert Hedlund notified LStar last year that the town will not provide water service for future development at the property, citing the company’s financial difficulties. A Superior Court judge blocked LStar’s sale of assets above $25,000 last year as the result of civil litigation.

Commercial Parcels Headed for Auction at Union Point

by Steve Adams time to read: 1 min
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