LITTLETON, N.H. — Service Federal Credit Union purchased an unfinished senior living development in Littleton for $13.5 million at a property auction, according to Moo92.
The auction lasted about 10 minutes and involved a handful of bidders over two brief rounds, Moo92 reported. The first round produced a $7.5 million bid. In the second round, which opened with a $14 million asking price, no other bidder topped the credit union’s $13.5 million offer.
“Service Credit Union was pleased to see the level of interest shown in the property during today’s proceeding,” spokesman Chris Banker said in a statement cited by Moo92. “We remain committed to the success of the North Country and the communities we serve.”
Banker said the credit union had no further comment on the property or its next steps. It remains unclear whether the property will be offered for sale again or whether prospective buyers beyond those attending the auction have expressed interest.
The 38-acre property, comprising four parcels along St. Johnsbury Road, was auctioned through Paul McInnis LLC after the developers defaulted on a $29 million construction loan from Service Federal Credit Union, according to Moo92.
Project Was 80% Complete
The borrower, Granite Senior Operations LLC, is owned by George Papadimatos of Littleton and Michael Papadimatos of Brookline. George Papadimatos owned the four-parcel property, which was planned as a senior living campus with more than 100 residential units, including about two dozen cottages, 40 apartments, 35 assisted-living units and 20 memory care units. Plans also called for a medical office building.
The project was approximately 80% complete when Granite Senior Operations encountered cost overruns and stopped making loan payments. The loan went into default in September 2025, Moo92 reported.
