Watchdog group: Condo developer faces foreclosure
Webster Bank has begun to foreclose on a condominium project at Yerxa Road and Rindge Avenue, residents of an online neighbors group were told Wednesday.
Michael Brandon, the North Cambridge Stabilization Committee clerk, sent an early morning e-mail with links to an official foreclosure document filed in Boston Land Court and a public notice that had been filed in the Cambridge Chronicle.
The developer, Joseph Perroncello of Boston, was arraigned Monday in Middlesex District Court in Medford on a charge relating to the condition of the 2.2-acre site over the past six years of construction, which has prompted numerous complaints from neighbors, area watchdogs and city officials.
“Despite several extensions of repayment deadlines, developer Joe Perroncello has defaulted on the terms of his multimillion-dollar construction loan from Webster Bank of Connecticut,” Brandon wrote.
Perroncello’s lawyer, James Rafferty of Cambridge, said Perroncello’s financial difficulties were no secret. “He’s committed to working through it,” he said, meaning the developer intended to resolve the foreclosure challenge and keep addressing neighborhood complaints.
This post was updated to include Rafferty’s comments.