Daily News

Mortgage Lenders Led by KeyBank Purchase Springfield Plaza at Auction

SPRINGFIELD — Mortgage lenders led by KeyBank bid $23 million Thursday and bought Springfield Plaza at a foreclosure auction, the Republican reported.

The winning bid protected the lenders’ money after other bidders failed to reach the undisclosed minimum bid. Two other active bidders both tapped out after $22.5 million.

According to the Republican, Andrea Mattei, the attorney representing the mortgage lenders, said the banks will likely market the 72-acre complex on Liberty Street to buyers through conventional means.

Previous owners Davenport Companies and Albany Road Real Estate Partners had a $30 million mortgage on the property through KeyBank and the other lenders.