Waterford Racing Track Saved From Foreclosure

A Superior Court judge in Norwich terminated an auction of foreclosure for the Waterford Speedbowl Track property supposed to be held at noon this Saturday. Thanks to this, short track racing, which is held weekly here, will carry on as normal on this much visited track in southeastern Connecticut.

Terry Eames verified that his group has obtained fresh financing in order to avoid this foreclosure and keep this piece of race track real estate running. He heads the conglomerate that possesses the Waterford Speedbowl property.

In early 2006, foreclosure proceedings had been initiated by Washington Mutual Bank for this property. They planned a foreclosure auction hearing on the property for noon this Saturday around two weeks ago.

Eames, along with his group, confirmed elements for the refinancing of this track this Thursday, and secured a new mortgage with two private parties. As a result, James Devine, Norwich Superior Court judge, officially gave a ruling cancelling this auction on Friday morning, making Eames free of any relations with the mortgage company.

The group owning the race track had been given till 5 p.m. on July 27 2007 to get a refinance deal done in order to avoid the auction. Eames and his group 1080 Hartford Road, LLC, bought the Waterford propert in September 2000. “It’s a lot of relief right now,” Eames said. “Over the last couple days it appeared it was coming together as to the plan but I’ve learned never to take anything for granted. I finally felt like I was able to relax.”
Eames had been running the Speedbowl since his group bought it in 2000, but recently gave up control of operations of the track at the end of the last season. The track is now being leased to local businessman Jerry Robinson by his company, and the track general manager is Bill Roth.

Recently, Eames also completed a deal to put up for sale 8 of the current 39 acres that the Speedbowl owns to Harvey Industries which is going to build a distribution center on this piece of real estate. New financing was secured by Eames for the Speedbowl via local businessmen Rocco Arbitell of Southbury and Peter Borelli of Derby. They saved the day.

Eames was happy about how it all came together. He was happy that the track was refinanced by Rocco and his wife and the Borellis, and though they were getting paid for loaning him the money and doing the mortgage, it was done as much for the support for the track as support for him. They were real race fans and Eames thanked them along with his attorney, Tom Londregan for what they did.

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