DRACUT -- The holder of the mortgage on Meadow Creek Golf Club purchased the financially struggling course for $2.309 million earlier his week. Bank of New England, based in Salem, N.H., was the high bidder at Tuesday's auction. Four entities registered to bid.
Meadow Creek has had significant financial and legal problems since last fall. Realty Financial Partners' attorney, David Rich, told a judge last month that Bank of New England's note on the property was worth $3.5 million, and predicted the bank would repurchase the course.