Photo by Steve Adams | Banker & Tradesman Staff

The owner of three Revere Beach apartment towers filed for bankruptcy protection, staving off a foreclosure auction on the properties including the troubled 364 Ocean Ave. building that was condemned in August.

A foreclosure auction had been scheduled Dec. 5 but was postponed after the property owner submitted a Chapter 11 bankruptcy petition in U.S. District Court in Boston. The filing lists assets of $10 million to $50 million.

All three properties are owned by Carabetta Management of Meriden, Connecticut. Revere officials have issued citations for building, fire and health code violations at 364 Ocean Ave., a 13-story apartment tower, citing mold, rodent infestation and malfunctioning fire safety systems.

In August, the Board of Health condemned the structure and ordered 41 residents to vacate the property. In September, a state Housing Court ordered the tenants to be relocated to 388 Ocean Ave.

In October, The Davis Companies of Boston was assigned the mortgage previously issued by M&T Bank in 2018 for 364 Ocean Ave. and the neighboring properties at 370 and 388 Ocean Ave. The three properties include a combined 306 apartments on a 5-acre parcel.

William Harrington, trustee for the bankruptcy court, initially objected to the Chapter 11 petition because the filing did not include proof of liability insurance.

Harrington withdrew a request for an emergency hearing after the debtors provided proof of adequate current property and liability insurance, according to a court filing.