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Brighton apartment building heads to foreclosure auction

Brighton apartment building heads to foreclosure auction

Money Moves Boston, MA local

30-unit Selkirk Place Apartments auction postponed to Nov. 13 after lender forecloses

October 22nd, 2026: Foreclosure auction scheduled

Overview

Updated Oct 24

The foreclosure auction of the 30-unit Selkirk Place Apartments in Brighton has been pushed from Oct. 28 to Nov. 13 at 10 a.m., according to the auctioneer's calendar. The building, bought for $12.8 million in 2022, is being sold at a mortgagee's sale to recover an $8.75 million loan now held by Brookline-based CSCB LLC.

The sale will show how much the lender can recover. Boston assesses the property at $7.24 million, below the loan balance, and a recent listing asked $12.5 million. Bidding requires a $500,000 deposit, with the balance due within 30 days.

Why it matters

The Nov. 13 sale price will show what a Boston apartment building fetches when its loan outlives its value.

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Key Indicators

$12.8M
Purchase price (2022)
Blackstar Capital paid $12.8 million for the building in August 2022, per Banker & Tradesman.
$8.75M
Loan amount
Everett Co-Operative Bank financed the purchase with an $8.75 million mortgage.
$7.24M
Assessed value (2026)
City of Boston assesses the property at $7.24 million.
30
Apartment units
The building has 17 one-bedroom and 13 two-bedroom units.
$500K
Deposit to bid
The sale terms require a $500,000 deposit at the auction, with the balance due in 30 days.

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People Involved

MH
Matthew Haney
Manager of CSCB LLC, the mortgage holder
Current holder of the $8.75 million mortgage

Organizations Involved

BC
Blackstar Capital LLC
Real estate investor
Borrower on the property, now in foreclosure

Chestnut Hill-based firm that purchased the Selkirk Place Apartments in 2022.
CS
CSCB LLC
Lender / mortgage holder
Holds the mortgage; sale postponed to Nov. 13, 2026

Brookline-based entity that holds the mortgage after assignment from Everett Co-Operative Bank.
Everett Co-Operative Bank
Everett Co-Operative Bank
Original lender
Original financier, now assigned loan

Massachusetts-based bank that provided the original mortgage for the property in 2022.
Paul E. Saperstein Co. Auctioneers & Appraisers
Paul E. Saperstein Co. Auctioneers & Appraisers
Auction house
Listed the Selkirk Place sale as postponed to Nov. 13, 2026

New England-based auctioneering firm handling the mortgagee's sale.
CH
Chestnut Hill Realty Corp
Previous owner
Sold the property in 2022

The prior owner of Selkirk Place Apartments, which sold to Blackstar Capital in 2022.

Timeline

August 2022 October 2026

6 events Latest: October 22nd, 2026 · 3 weeks ago
Tap a bar to jump to that date

  1. Foreclosure auction scheduled

    Latest Legal Notice

    CSCB LLC schedules a mortgagee's sale for Oct. 28 via Paul E. Saperstein Co.

  2. Auction postponed to Nov. 13

    Postponement

    Paul E. Saperstein Co.'s auction calendar lists the Selkirk Place sale as postponed from Oct. 28 to Nov. 13, 2026 at 10 a.m.

  3. Foreclosure notice dated Sept. 16

    Legal Notice

    CSCB LLC's notice of mortgagee's sale sets the auction for Oct. 28 and a $500,000 deposit. It records the mortgage as given by ZEE 56 Selkirk LLC and assigned to CSCB in March 2026.

  4. Mortgage assigned to CSCB LLC

    Assignment

    Everett Co-Operative Bank transfers the loan to Brookline-based CSCB LLC.

  5. Blackstar Capital buys Selkirk Place Apartments

    Purchase

    Chestnut Hill-based Blackstar Capital acquires the 30-unit building for $12.8 million.

  6. Everett Co-Operative Bank provides financing

    Financing

    The bank extends an $8.75 million mortgage to fund the acquisition.

Scenarios

1

Third-party buyer wins at auction

Possible Resolves by Nov 30, 2026

Discussed by: Banker & Tradesman, local real estate observers

The auction attracts a buyer who bids above the mortgage balance, possibly near the $12.5 million asking price from the recent listing. The property transfers, and the lender recovers most or all of the loan.

2

Lender takes back the building

Likely Resolves by Nov 15, 2026

Discussed by: Local real estate analysts

No third-party bids meet the mortgagee's minimum, so the lender, likely CSCB LLC, takes the property via a credit bid. The building becomes a real estate owned (REO) holding.

3

Auction postponed or canceled

Deadline passed (Oct 28, 2026)

Discussed by: Real estate attorneys, Boston Business Journal

The borrower works out a repayment plan or pays off the loan at the last minute, causing the auction to be postponed or canceled. This often happens when a distressed property finds new financing.

Historical Context

2 moments from history that rhyme with this story — and how they unfolded.

January 2010

Stuyvesant Town–Peter Cooper Village (2010)

In 2006, a joint venture led by Tishman Speyer bought the massive 11,200-unit Manhattan apartment complex for $5.4 billion, using heavy debt. After the 2008 crash, rents didn't rise as expected, and the partnership defaulted on a $3 billion mortgage. In January 2010, lenders took control.

Then

The lenders wrote down billions and the property was transferred to a new ownership entity.

Now

The foreclosure reset pricing for mass-market rental properties and highlighted the dangers of over-leveraged multifamily acquisitions.

Why this matters now

Like Selkirk Place, a leveraged purchase at peak market conditions collapsed when values fell and debt couldn't be refinanced.

1989–1994

Resolution Trust Corporation apartment auctions (1990s)

During the savings and loan crisis, the federal Resolution Trust Corporation seized and sold thousands of distressed real estate assets, including many apartment complexes, at public auction. These sales often went for pennies on the dollar.

Then

Lenders liquidated non-performing loans and properties, clearing bank balance sheets.

Now

The sales set new market values for multifamily property and helped end the real estate bust.

Why this matters now

Today's lenders may choose to auction distressed properties rather than hold them, potentially affecting market pricing similar to the RTC era.

Sources

(3)
+1
Banker & Tradesman Paul E. Saperstein Co. Paul E. Saperstein Co.