The bank has taken control of two properties in Newtownards and one in Strabane from Kemark Ltd, which has a registered address in Tandragee.
Kemark's last accounts, for the year ending June 2011, state that it owed its banks more than £42m.
Its properties and work in progress were valued at £43m but auditors said there was "limited evidence" for this.
Filings at Companies House suggests that Kemark has borrowings with Ulster Bank as well as AIB.
A sister company of Kemark, New Quay Developments, entered a voluntary arrangement with its creditors in September.
A voluntary arrangement is a legally binding agreement between a company and its creditors that allows the firm to stay in business while restructuring its debts,
In this case New Quay Developments' creditors, who are owed almost £2m, have accepted a deal which will see them get 5.5p for every £1 they are owed.
The construction and property sector in Northern Ireland has suffered severely in a prolonged downturn.
Banks are continuing to take enforcement action as they work through the property loans on their books.
Allied Irish Banks (AIB) has appointed receivers to three properties that were owned by a County Armagh developer.