TD Bank buys NE Community Center

The Northeast Community Center on Holme Avenue was auctioned at sheriff’s sale on Nov. 13 to TD Bank, which held the center’s $1.1 million mortgage.

The winning bid was $600,000, according to Joseph C. Vignola, chief deputy sheriff for finance and accountability. The opening bid was $102,000, Vignola said.

Jennifer Morneau, the bank’s communications manager, confirmed that the bank bought the property.

It is not unusual for a foreclosing bank to be the winning, and sometimes only, bidder in a sheriff’s sale, because interested parties must bid without actually viewing the property.

In response to a question on the property’s fate, Morneau said it was too soon to say what the next steps would be.

Last week, the center’s executive director, Stan Cohen, said the bank had foreclosed. The center, he said, has been financially strapped since its biggest money-maker, its swimming pool, was closed because of an early 2010 roof collapse.

The roof was repaired and the pool reopened, but membership, and, therefore, revenues, dramatically dropped from 2,300 to 900, Cohen said. ••