Condos at The 903 sold to Paolino and partner

PROVIDENCE – A Boston development firm and locally based Paolino Properties have purchased the 233 condominiums that were unsold at The 903 Residences next to Providence Place, saving them from a foreclosure auction initially scheduled for last week.

Boston-based Winn Development joined Paolino Properties, which had been an investor in the project and managed the property, in taking over the property. As of Dec. 17, no new deed had been recorded. But records showed Winn had secured a $1.7 million loan to help finance the deal. The sales price was not disclosed.

Built in 2004, The 903 contains 330 condos and a 584-space parking garage. Winn Development said it plans to continue renting some units until the condo market recovers.

Winn Development says it has a 30-year history of development ventures, which are valued in excess of $1.5 billion. It has developed the Millennium Bostonian Hotel in Boston, One Brookline Place in Brookline, Mass., and Nazing Court in Boston, among other projects. •