The Inn sold at auction to Harvard resident

The Inn at the corner of Fairbank Street and Old Littleton Road—which provided four affordable rental units for over 20 years—was sold Thursday for $226,000 at a foreclosure auction. Rick Curtin, of Stow Road, was the high bidder at the sale, which was conducted by auctioneer Francis J. Trapasso of Worcester on behalf of the mortgagee, North Middlesex Savings Bank.

The Inn entered foreclosure proceedings last year after the volunteer group that owned the circa-1820 property ran out of money. The group, Harvard Trust Non Profit Properties, took a single loan to maintain The Inn and another antique, multi-unit affordable home, Great Elms.

A forbearance agreement signed by the bank, the owners, and Harvard’s Municipal Affordable Housing Trust says that $260,973.48 is required to extinguish the loan on The Inn and Great Elms. Immediately after the auction at The Inn, it was not clear how the shortfall would be handled so as to avoid auction at Great Elms.

“The stakeholders, including the state, will need to resolve this in everyone’s best interest,” said the Board of Selectmen’s liaison to the affordable housing trust, Ron Ricci. Ricci told The Press that the Municipal Affordable Housing Trust would discuss the issue at its May 21 meeting.

The Harvard Municipal Affordable Housing Trust contributed about $16,000 to postpone the sale so tenants could find new homes. Currently, one unit at The Inn remains occupied.