CityNorth's lender has filed to foreclose on the first phase of the high-profile development in north Phoenix.
The first phase of the development at 56th Street and the Loop 101, known as High Street, includes retail, apartments and office space. Plans call for more development on the project's 144 acres.
A foreclosure auction date has been set for March 31, according to documents filed on Dec. 30th with the Maricopa County Recorders Office.
The amount owed Chicago-based lender Capmark Finance on the property is $290.47 million, making it one of Arizona's largest single commercial foreclosures.
Related Cos. and Klutznick Co. are developing CityNorth. Phoenix law firm Quarles & Brady is the trustee handling the foreclosure auction.
Capmark, formerly known as GMAC Commercial, was one of the nation's biggest lenders before filing for bankruptcy last fall.
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Because anyone could see at the time what a great investment of 290 million this would be.
ReplyDeleteOh, perhaps it was the intoxication of such exuberance, all happy n shit.
And now a great big tragedy.
Should be an economic Darwin award except for that part about 'too big to fail'
Amazing the american people don't smell the gigantic black cloud of pure fascism coming their way.
Oh boy - just what phoenix needed too ! More retail space ! More office space ! hell yes; give us more, more, more !!!!!
ReplyDeleteA paltry 290 Million?? Shucks - that even hardly worth note EA !
Hey ! Didn't "we" just "give GMAC another 2.8 billion ( yeah buddy ! now that's "real money")
Now our good gov't owns what 57% of GM - the whole damn thing is at this point almost comical.
hey, a trillion here, a trillion there..What's to worry? The government will take care of you, don't worry...Be happy!
ReplyDeleteEverything is looking good, so says them Fox and CNN financial babes, you know, the 23 yo's with the expensive hair and outfits.
WAR IS PEACE, FREEDOM IS SLAVERY...