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Debt Holder Takes Over Bayside Expo Center

May 29, 2009 | Reprints | Unlock Link | Print

A conference facility on Boston’s waterfront has been taken back by its debt holder for $11 million following an auction.

The Bayside Exposition Center in Dorchester went on the auction block Thursday after its owners defaulting on a $22 million loan last year.

The Boston Globe reported that LNR Massachusetts Partners will assume ownership of the center on behalf of investors that hold the debt.

The previous owners of Bayside Expo, Corcoran Jennison Cos., had proposed redeveloping the site into residences, stores and offices. It’s unclear whether those plans will go forward.

The center has been hurt by the economic downturn and competition from the newer and bigger Boston Convention & Exhibition Center. (AP)

Commercial & Industrial