The redeveloper of the former Memorial Hospital campus in Pawtucket could challenge a lender’s foreclosure on the property based on the alleged invalidity of the mortgage that it defaulted on, a Superior Court judge has found. Defendant Memorial Development LLC took out a $3.5 million mortgage on the property in 2022, which the original lender assigned to plaintiff Memorial Real Estate Group, LLC. The property was apparently encumbered by a deed restriction prohibiting any sale, conveyance or transfer without the consent of the developer and certain other entities associated with the development. Read the article…………………………….
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