A Boston-based lender foreclosed on 115 acres of developable residential parcels at Union Point in Weymouth, in the latest setback for master developer LStar Communities.

Washington Capital Management submitted the high bid of $33.2 million at an auction held Thursday afternoon at the 1,450-acre former South Weymouth naval air station, The Patriot Ledger reported.

The auction comprised 115 acres of undeveloped land with potential to develop more than 3,300 housing units, according to a legal notice by auctioneer Daniel P. McLaughlin & Co. of Boston.

The public agency overseeing the air base redevelopment, Southfield Redevelopment Authority, in December notified LStar that it’s breached its development agreement. The authority is expected to vote as soon as next month whether to remove LStar as master developer. The company has failed to secure a water supply agreement, after Weymouth Mayor Robert Hedlund suspended the town’s agreement to provide the property with water for additional development.

Hedlund’s actions were prompted by civil lawsuits accusing an LStar executive of financial misconduct, which prompted a Suffolk Superior Court judge to freeze the company’s ability to sell assets valued at more than $25,000.