The owner of the Mountain Shadows resort in Paradise Valley has defaulted on his loan but says the long-shuttered property's redevelopment will move forward.
A trustee's sale for the resort has been set for July 26.
However, officials with California-based Crown Realty and Development Inc., say that the firm wants to avoid the foreclosure, and is negotiating with lender U.S. Bank Special Assets Groupon a resolution.
Crown Realty, owned by Robert Flaxman, also developed the InterContinental Montelucia Resort & Spa in Paradise Valley, which defaulted on a $180 million loan about three years ago.
Flaxman owes at least $360,000 in taxes on the Mountain Shadows property, according the the Maricopa County Treasurer's Office.
Jason Rose, a spokesman for Crown Realty, said if they are successful in negotiations, there will be no sale. If they are not, Crown can bid on the property at the auction.
"They are optimistic about a resolution," Rose said. "They feel confident in a favorable resolution with the bank that will translate into a favorable re-development of Mountain Shadows for the town."
Dozens of residents showed up for a preliminary presentation of their plans for re-developing the resort, at a Town Council meeting Thursday afternoon.
The plan includes resort hotel, residential, golf and retail facilities.
At the meeting, Flaxman, said his firm plans to work through the loan default.
He bought the 68-acre property from Host Marriott Corp. for $42 million, in January 2007. Host Marriott Corp. is now known as Host Hotels & Resorts.
"We are committed to this project and plan to see it through," Flaxman said.
Town Manager Jim Bacon said Crown Realty has had an application on file with Paradise Valley for several years.
The firm plans to submit a revised application this week.
"The owner has the right to move forward with an application," Bacon said, whether the property is in default or not.
The Mountain Shadows resort, which remains closed at 56th Street and Lincoln Drive, has drawn potential re-development possibilities in recent months.
Residents became hopeful when Phoenix-based JDM Partners, co-owned by sports mogul Jerry Colangelo, entered into a purchase agreement for Mountain Shadows in December.
JDM's projects include Chase Field, US Airways Center,Comerica Theatre and the remodel of the Wigwam resort in Litchfield Park, which represented the company's first foray into the hospitality industry.
However, the firm announced last month that it was unable to reach a final agreement with Crown Realty and is no longer under contract for the property.
JDM officials provided no more information, citing a confidentiality provision in the purchase agreement.
by Philip Haldiman - May. 15, 2012 10:06 AM The Republic | azcentral.com
PV Mountain Shadows resort owner defaults on loan
Showing posts with label trustee sale. Show all posts
Showing posts with label trustee sale. Show all posts
Friday, May 18, 2012
PV Mountain Shadows resort owner defaults on loan
The owner of the Mountain Shadows resort in Paradise Valley has defaulted on his loan but says the long-shuttered property's redevelopment will move forward.
A trustee's sale for the resort has been set for July 26.
However, officials with California-based Crown Realty and Development Inc., say that the firm wants to avoid the foreclosure, and is negotiating with lender U.S. Bank Special Assets Groupon a resolution.
Crown Realty, owned by Robert Flaxman, also developed the InterContinental Montelucia Resort & Spa in Paradise Valley, which defaulted on a $180 million loan about three years ago.
Flaxman owes at least $360,000 in taxes on the Mountain Shadows property, according the the Maricopa County Treasurer's Office.
Jason Rose, a spokesman for Crown Realty, said if they are successful in negotiations, there will be no sale. If they are not, Crown can bid on the property at the auction.
"They are optimistic about a resolution," Rose said. "They feel confident in a favorable resolution with the bank that will translate into a favorable re-development of Mountain Shadows for the town."
Dozens of residents showed up for a preliminary presentation of their plans for re-developing the resort, at a Town Council meeting Thursday afternoon.
The plan includes resort hotel, residential, golf and retail facilities.
At the meeting, Flaxman, said his firm plans to work through the loan default.
He bought the 68-acre property from Host Marriott Corp. for $42 million, in January 2007. Host Marriott Corp. is now known as Host Hotels & Resorts.
"We are committed to this project and plan to see it through," Flaxman said.
Town Manager Jim Bacon said Crown Realty has had an application on file with Paradise Valley for several years.
The firm plans to submit a revised application this week.
"The owner has the right to move forward with an application," Bacon said, whether the property is in default or not.
The Mountain Shadows resort, which remains closed at 56th Street and Lincoln Drive, has drawn potential re-development possibilities in recent months.
Residents became hopeful when Phoenix-based JDM Partners, co-owned by sports mogul Jerry Colangelo, entered into a purchase agreement for Mountain Shadows in December.
JDM's projects include Chase Field, US Airways Center,Comerica Theatre and the remodel of the Wigwam resort in Litchfield Park, which represented the company's first foray into the hospitality industry.
However, the firm announced last month that it was unable to reach a final agreement with Crown Realty and is no longer under contract for the property.
JDM officials provided no more information, citing a confidentiality provision in the purchase agreement.
by Philip Haldiman - May. 15, 2012 10:06 AM The Republic | azcentral.com
PV Mountain Shadows resort owner defaults on loan
A trustee's sale for the resort has been set for July 26.
However, officials with California-based Crown Realty and Development Inc., say that the firm wants to avoid the foreclosure, and is negotiating with lender U.S. Bank Special Assets Groupon a resolution.
Crown Realty, owned by Robert Flaxman, also developed the InterContinental Montelucia Resort & Spa in Paradise Valley, which defaulted on a $180 million loan about three years ago.
Flaxman owes at least $360,000 in taxes on the Mountain Shadows property, according the the Maricopa County Treasurer's Office.
Jason Rose, a spokesman for Crown Realty, said if they are successful in negotiations, there will be no sale. If they are not, Crown can bid on the property at the auction.
"They are optimistic about a resolution," Rose said. "They feel confident in a favorable resolution with the bank that will translate into a favorable re-development of Mountain Shadows for the town."
Dozens of residents showed up for a preliminary presentation of their plans for re-developing the resort, at a Town Council meeting Thursday afternoon.
The plan includes resort hotel, residential, golf and retail facilities.
At the meeting, Flaxman, said his firm plans to work through the loan default.
He bought the 68-acre property from Host Marriott Corp. for $42 million, in January 2007. Host Marriott Corp. is now known as Host Hotels & Resorts.
"We are committed to this project and plan to see it through," Flaxman said.
Town Manager Jim Bacon said Crown Realty has had an application on file with Paradise Valley for several years.
The firm plans to submit a revised application this week.
"The owner has the right to move forward with an application," Bacon said, whether the property is in default or not.
The Mountain Shadows resort, which remains closed at 56th Street and Lincoln Drive, has drawn potential re-development possibilities in recent months.
Residents became hopeful when Phoenix-based JDM Partners, co-owned by sports mogul Jerry Colangelo, entered into a purchase agreement for Mountain Shadows in December.
JDM's projects include Chase Field, US Airways Center,Comerica Theatre and the remodel of the Wigwam resort in Litchfield Park, which represented the company's first foray into the hospitality industry.
However, the firm announced last month that it was unable to reach a final agreement with Crown Realty and is no longer under contract for the property.
JDM officials provided no more information, citing a confidentiality provision in the purchase agreement.
by Philip Haldiman - May. 15, 2012 10:06 AM The Republic | azcentral.com
PV Mountain Shadows resort owner defaults on loan
PV Mountain Shadows resort owner defaults on loan
The owner of the Mountain Shadows resort in Paradise Valley has defaulted on his loan but says the long-shuttered property's redevelopment will move forward.
A trustee's sale for the resort has been set for July 26.
However, officials with California-based Crown Realty and Development Inc., say that the firm wants to avoid the foreclosure, and is negotiating with lender U.S. Bank Special Assets Groupon a resolution.
Crown Realty, owned by Robert Flaxman, also developed the InterContinental Montelucia Resort & Spa in Paradise Valley, which defaulted on a $180 million loan about three years ago.
Flaxman owes at least $360,000 in taxes on the Mountain Shadows property, according the the Maricopa County Treasurer's Office.
Jason Rose, a spokesman for Crown Realty, said if they are successful in negotiations, there will be no sale. If they are not, Crown can bid on the property at the auction.
"They are optimistic about a resolution," Rose said. "They feel confident in a favorable resolution with the bank that will translate into a favorable re-development of Mountain Shadows for the town."
Dozens of residents showed up for a preliminary presentation of their plans for re-developing the resort, at a Town Council meeting Thursday afternoon.
The plan includes resort hotel, residential, golf and retail facilities.
At the meeting, Flaxman, said his firm plans to work through the loan default.
He bought the 68-acre property from Host Marriott Corp. for $42 million, in January 2007. Host Marriott Corp. is now known as Host Hotels & Resorts.
"We are committed to this project and plan to see it through," Flaxman said.
Town Manager Jim Bacon said Crown Realty has had an application on file with Paradise Valley for several years.
The firm plans to submit a revised application this week.
"The owner has the right to move forward with an application," Bacon said, whether the property is in default or not.
The Mountain Shadows resort, which remains closed at 56th Street and Lincoln Drive, has drawn potential re-development possibilities in recent months.
Residents became hopeful when Phoenix-based JDM Partners, co-owned by sports mogul Jerry Colangelo, entered into a purchase agreement for Mountain Shadows in December.
JDM's projects include Chase Field, US Airways Center,Comerica Theatre and the remodel of the Wigwam resort in Litchfield Park, which represented the company's first foray into the hospitality industry.
However, the firm announced last month that it was unable to reach a final agreement with Crown Realty and is no longer under contract for the property.
JDM officials provided no more information, citing a confidentiality provision in the purchase agreement.
by Philip Haldiman - May. 15, 2012 10:06 AM The Republic | azcentral.com
PV Mountain Shadows resort owner defaults on loan
A trustee's sale for the resort has been set for July 26.
However, officials with California-based Crown Realty and Development Inc., say that the firm wants to avoid the foreclosure, and is negotiating with lender U.S. Bank Special Assets Groupon a resolution.
Crown Realty, owned by Robert Flaxman, also developed the InterContinental Montelucia Resort & Spa in Paradise Valley, which defaulted on a $180 million loan about three years ago.
Flaxman owes at least $360,000 in taxes on the Mountain Shadows property, according the the Maricopa County Treasurer's Office.
Jason Rose, a spokesman for Crown Realty, said if they are successful in negotiations, there will be no sale. If they are not, Crown can bid on the property at the auction.
"They are optimistic about a resolution," Rose said. "They feel confident in a favorable resolution with the bank that will translate into a favorable re-development of Mountain Shadows for the town."
Dozens of residents showed up for a preliminary presentation of their plans for re-developing the resort, at a Town Council meeting Thursday afternoon.
The plan includes resort hotel, residential, golf and retail facilities.
At the meeting, Flaxman, said his firm plans to work through the loan default.
He bought the 68-acre property from Host Marriott Corp. for $42 million, in January 2007. Host Marriott Corp. is now known as Host Hotels & Resorts.
"We are committed to this project and plan to see it through," Flaxman said.
Town Manager Jim Bacon said Crown Realty has had an application on file with Paradise Valley for several years.
The firm plans to submit a revised application this week.
"The owner has the right to move forward with an application," Bacon said, whether the property is in default or not.
The Mountain Shadows resort, which remains closed at 56th Street and Lincoln Drive, has drawn potential re-development possibilities in recent months.
Residents became hopeful when Phoenix-based JDM Partners, co-owned by sports mogul Jerry Colangelo, entered into a purchase agreement for Mountain Shadows in December.
JDM's projects include Chase Field, US Airways Center,Comerica Theatre and the remodel of the Wigwam resort in Litchfield Park, which represented the company's first foray into the hospitality industry.
However, the firm announced last month that it was unable to reach a final agreement with Crown Realty and is no longer under contract for the property.
JDM officials provided no more information, citing a confidentiality provision in the purchase agreement.
by Philip Haldiman - May. 15, 2012 10:06 AM The Republic | azcentral.com
PV Mountain Shadows resort owner defaults on loan
PV Mountain Shadows resort owner defaults on loan
The owner of the Mountain Shadows resort in Paradise Valley has defaulted on his loan but says the long-shuttered property's redevelopment will move forward.
A trustee's sale for the resort has been set for July 26.
However, officials with California-based Crown Realty and Development Inc., say that the firm wants to avoid the foreclosure, and is negotiating with lender U.S. Bank Special Assets Groupon a resolution.
Crown Realty, owned by Robert Flaxman, also developed the InterContinental Montelucia Resort & Spa in Paradise Valley, which defaulted on a $180 million loan about three years ago.
Flaxman owes at least $360,000 in taxes on the Mountain Shadows property, according the the Maricopa County Treasurer's Office.
Jason Rose, a spokesman for Crown Realty, said if they are successful in negotiations, there will be no sale. If they are not, Crown can bid on the property at the auction.
"They are optimistic about a resolution," Rose said. "They feel confident in a favorable resolution with the bank that will translate into a favorable re-development of Mountain Shadows for the town."
Dozens of residents showed up for a preliminary presentation of their plans for re-developing the resort, at a Town Council meeting Thursday afternoon.
The plan includes resort hotel, residential, golf and retail facilities.
At the meeting, Flaxman, said his firm plans to work through the loan default.
He bought the 68-acre property from Host Marriott Corp. for $42 million, in January 2007. Host Marriott Corp. is now known as Host Hotels & Resorts.
"We are committed to this project and plan to see it through," Flaxman said.
Town Manager Jim Bacon said Crown Realty has had an application on file with Paradise Valley for several years.
The firm plans to submit a revised application this week.
"The owner has the right to move forward with an application," Bacon said, whether the property is in default or not.
The Mountain Shadows resort, which remains closed at 56th Street and Lincoln Drive, has drawn potential re-development possibilities in recent months.
Residents became hopeful when Phoenix-based JDM Partners, co-owned by sports mogul Jerry Colangelo, entered into a purchase agreement for Mountain Shadows in December.
JDM's projects include Chase Field, US Airways Center,Comerica Theatre and the remodel of the Wigwam resort in Litchfield Park, which represented the company's first foray into the hospitality industry.
However, the firm announced last month that it was unable to reach a final agreement with Crown Realty and is no longer under contract for the property.
JDM officials provided no more information, citing a confidentiality provision in the purchase agreement.
by Philip Haldiman - May. 15, 2012 10:06 AM The Republic | azcentral.com
PV Mountain Shadows resort owner defaults on loan
A trustee's sale for the resort has been set for July 26.
However, officials with California-based Crown Realty and Development Inc., say that the firm wants to avoid the foreclosure, and is negotiating with lender U.S. Bank Special Assets Groupon a resolution.
Crown Realty, owned by Robert Flaxman, also developed the InterContinental Montelucia Resort & Spa in Paradise Valley, which defaulted on a $180 million loan about three years ago.
Flaxman owes at least $360,000 in taxes on the Mountain Shadows property, according the the Maricopa County Treasurer's Office.
Jason Rose, a spokesman for Crown Realty, said if they are successful in negotiations, there will be no sale. If they are not, Crown can bid on the property at the auction.
"They are optimistic about a resolution," Rose said. "They feel confident in a favorable resolution with the bank that will translate into a favorable re-development of Mountain Shadows for the town."
Dozens of residents showed up for a preliminary presentation of their plans for re-developing the resort, at a Town Council meeting Thursday afternoon.
The plan includes resort hotel, residential, golf and retail facilities.
At the meeting, Flaxman, said his firm plans to work through the loan default.
He bought the 68-acre property from Host Marriott Corp. for $42 million, in January 2007. Host Marriott Corp. is now known as Host Hotels & Resorts.
"We are committed to this project and plan to see it through," Flaxman said.
Town Manager Jim Bacon said Crown Realty has had an application on file with Paradise Valley for several years.
The firm plans to submit a revised application this week.
"The owner has the right to move forward with an application," Bacon said, whether the property is in default or not.
The Mountain Shadows resort, which remains closed at 56th Street and Lincoln Drive, has drawn potential re-development possibilities in recent months.
Residents became hopeful when Phoenix-based JDM Partners, co-owned by sports mogul Jerry Colangelo, entered into a purchase agreement for Mountain Shadows in December.
JDM's projects include Chase Field, US Airways Center,Comerica Theatre and the remodel of the Wigwam resort in Litchfield Park, which represented the company's first foray into the hospitality industry.
However, the firm announced last month that it was unable to reach a final agreement with Crown Realty and is no longer under contract for the property.
JDM officials provided no more information, citing a confidentiality provision in the purchase agreement.
by Philip Haldiman - May. 15, 2012 10:06 AM The Republic | azcentral.com
PV Mountain Shadows resort owner defaults on loan
PV Mountain Shadows resort owner defaults on loan
The owner of the Mountain Shadows resort in Paradise Valley has defaulted on his loan but says the long-shuttered property's redevelopment will move forward.
A trustee's sale for the resort has been set for July 26.
However, officials with California-based Crown Realty and Development Inc., say that the firm wants to avoid the foreclosure, and is negotiating with lender U.S. Bank Special Assets Groupon a resolution.
Crown Realty, owned by Robert Flaxman, also developed the InterContinental Montelucia Resort & Spa in Paradise Valley, which defaulted on a $180 million loan about three years ago.
Flaxman owes at least $360,000 in taxes on the Mountain Shadows property, according the the Maricopa County Treasurer's Office.
Jason Rose, a spokesman for Crown Realty, said if they are successful in negotiations, there will be no sale. If they are not, Crown can bid on the property at the auction.
"They are optimistic about a resolution," Rose said. "They feel confident in a favorable resolution with the bank that will translate into a favorable re-development of Mountain Shadows for the town."
Dozens of residents showed up for a preliminary presentation of their plans for re-developing the resort, at a Town Council meeting Thursday afternoon.
The plan includes resort hotel, residential, golf and retail facilities.
At the meeting, Flaxman, said his firm plans to work through the loan default.
He bought the 68-acre property from Host Marriott Corp. for $42 million, in January 2007. Host Marriott Corp. is now known as Host Hotels & Resorts.
"We are committed to this project and plan to see it through," Flaxman said.
Town Manager Jim Bacon said Crown Realty has had an application on file with Paradise Valley for several years.
The firm plans to submit a revised application this week.
"The owner has the right to move forward with an application," Bacon said, whether the property is in default or not.
The Mountain Shadows resort, which remains closed at 56th Street and Lincoln Drive, has drawn potential re-development possibilities in recent months.
Residents became hopeful when Phoenix-based JDM Partners, co-owned by sports mogul Jerry Colangelo, entered into a purchase agreement for Mountain Shadows in December.
JDM's projects include Chase Field, US Airways Center,Comerica Theatre and the remodel of the Wigwam resort in Litchfield Park, which represented the company's first foray into the hospitality industry.
However, the firm announced last month that it was unable to reach a final agreement with Crown Realty and is no longer under contract for the property.
JDM officials provided no more information, citing a confidentiality provision in the purchase agreement.
by Philip Haldiman - May. 15, 2012 10:06 AM The Republic | azcentral.com
PV Mountain Shadows resort owner defaults on loan
A trustee's sale for the resort has been set for July 26.
However, officials with California-based Crown Realty and Development Inc., say that the firm wants to avoid the foreclosure, and is negotiating with lender U.S. Bank Special Assets Groupon a resolution.
Crown Realty, owned by Robert Flaxman, also developed the InterContinental Montelucia Resort & Spa in Paradise Valley, which defaulted on a $180 million loan about three years ago.
Flaxman owes at least $360,000 in taxes on the Mountain Shadows property, according the the Maricopa County Treasurer's Office.
Jason Rose, a spokesman for Crown Realty, said if they are successful in negotiations, there will be no sale. If they are not, Crown can bid on the property at the auction.
"They are optimistic about a resolution," Rose said. "They feel confident in a favorable resolution with the bank that will translate into a favorable re-development of Mountain Shadows for the town."
Dozens of residents showed up for a preliminary presentation of their plans for re-developing the resort, at a Town Council meeting Thursday afternoon.
The plan includes resort hotel, residential, golf and retail facilities.
At the meeting, Flaxman, said his firm plans to work through the loan default.
He bought the 68-acre property from Host Marriott Corp. for $42 million, in January 2007. Host Marriott Corp. is now known as Host Hotels & Resorts.
"We are committed to this project and plan to see it through," Flaxman said.
Town Manager Jim Bacon said Crown Realty has had an application on file with Paradise Valley for several years.
The firm plans to submit a revised application this week.
"The owner has the right to move forward with an application," Bacon said, whether the property is in default or not.
The Mountain Shadows resort, which remains closed at 56th Street and Lincoln Drive, has drawn potential re-development possibilities in recent months.
Residents became hopeful when Phoenix-based JDM Partners, co-owned by sports mogul Jerry Colangelo, entered into a purchase agreement for Mountain Shadows in December.
JDM's projects include Chase Field, US Airways Center,Comerica Theatre and the remodel of the Wigwam resort in Litchfield Park, which represented the company's first foray into the hospitality industry.
However, the firm announced last month that it was unable to reach a final agreement with Crown Realty and is no longer under contract for the property.
JDM officials provided no more information, citing a confidentiality provision in the purchase agreement.
by Philip Haldiman - May. 15, 2012 10:06 AM The Republic | azcentral.com
PV Mountain Shadows resort owner defaults on loan
PV Mountain Shadows resort owner defaults on loan
The owner of the Mountain Shadows resort in Paradise Valley has defaulted on his loan but says the long-shuttered property's redevelopment will move forward.
A trustee's sale for the resort has been set for July 26.
However, officials with California-based Crown Realty and Development Inc., say that the firm wants to avoid the foreclosure, and is negotiating with lender U.S. Bank Special Assets Groupon a resolution.
Crown Realty, owned by Robert Flaxman, also developed the InterContinental Montelucia Resort & Spa in Paradise Valley, which defaulted on a $180 million loan about three years ago.
Flaxman owes at least $360,000 in taxes on the Mountain Shadows property, according the the Maricopa County Treasurer's Office.
Jason Rose, a spokesman for Crown Realty, said if they are successful in negotiations, there will be no sale. If they are not, Crown can bid on the property at the auction.
"They are optimistic about a resolution," Rose said. "They feel confident in a favorable resolution with the bank that will translate into a favorable re-development of Mountain Shadows for the town."
Dozens of residents showed up for a preliminary presentation of their plans for re-developing the resort, at a Town Council meeting Thursday afternoon.
The plan includes resort hotel, residential, golf and retail facilities.
At the meeting, Flaxman, said his firm plans to work through the loan default.
He bought the 68-acre property from Host Marriott Corp. for $42 million, in January 2007. Host Marriott Corp. is now known as Host Hotels & Resorts.
"We are committed to this project and plan to see it through," Flaxman said.
Town Manager Jim Bacon said Crown Realty has had an application on file with Paradise Valley for several years.
The firm plans to submit a revised application this week.
"The owner has the right to move forward with an application," Bacon said, whether the property is in default or not.
The Mountain Shadows resort, which remains closed at 56th Street and Lincoln Drive, has drawn potential re-development possibilities in recent months.
Residents became hopeful when Phoenix-based JDM Partners, co-owned by sports mogul Jerry Colangelo, entered into a purchase agreement for Mountain Shadows in December.
JDM's projects include Chase Field, US Airways Center,Comerica Theatre and the remodel of the Wigwam resort in Litchfield Park, which represented the company's first foray into the hospitality industry.
However, the firm announced last month that it was unable to reach a final agreement with Crown Realty and is no longer under contract for the property.
JDM officials provided no more information, citing a confidentiality provision in the purchase agreement.
by Philip Haldiman - May. 15, 2012 10:06 AM The Republic | azcentral.com
PV Mountain Shadows resort owner defaults on loan
A trustee's sale for the resort has been set for July 26.
However, officials with California-based Crown Realty and Development Inc., say that the firm wants to avoid the foreclosure, and is negotiating with lender U.S. Bank Special Assets Groupon a resolution.
Crown Realty, owned by Robert Flaxman, also developed the InterContinental Montelucia Resort & Spa in Paradise Valley, which defaulted on a $180 million loan about three years ago.
Flaxman owes at least $360,000 in taxes on the Mountain Shadows property, according the the Maricopa County Treasurer's Office.
Jason Rose, a spokesman for Crown Realty, said if they are successful in negotiations, there will be no sale. If they are not, Crown can bid on the property at the auction.
"They are optimistic about a resolution," Rose said. "They feel confident in a favorable resolution with the bank that will translate into a favorable re-development of Mountain Shadows for the town."
Dozens of residents showed up for a preliminary presentation of their plans for re-developing the resort, at a Town Council meeting Thursday afternoon.
The plan includes resort hotel, residential, golf and retail facilities.
At the meeting, Flaxman, said his firm plans to work through the loan default.
He bought the 68-acre property from Host Marriott Corp. for $42 million, in January 2007. Host Marriott Corp. is now known as Host Hotels & Resorts.
"We are committed to this project and plan to see it through," Flaxman said.
Town Manager Jim Bacon said Crown Realty has had an application on file with Paradise Valley for several years.
The firm plans to submit a revised application this week.
"The owner has the right to move forward with an application," Bacon said, whether the property is in default or not.
The Mountain Shadows resort, which remains closed at 56th Street and Lincoln Drive, has drawn potential re-development possibilities in recent months.
Residents became hopeful when Phoenix-based JDM Partners, co-owned by sports mogul Jerry Colangelo, entered into a purchase agreement for Mountain Shadows in December.
JDM's projects include Chase Field, US Airways Center,Comerica Theatre and the remodel of the Wigwam resort in Litchfield Park, which represented the company's first foray into the hospitality industry.
However, the firm announced last month that it was unable to reach a final agreement with Crown Realty and is no longer under contract for the property.
JDM officials provided no more information, citing a confidentiality provision in the purchase agreement.
by Philip Haldiman - May. 15, 2012 10:06 AM The Republic | azcentral.com
PV Mountain Shadows resort owner defaults on loan
PV Mountain Shadows resort owner defaults on loan
The owner of the Mountain Shadows resort in Paradise Valley has defaulted on his loan but says the long-shuttered property's redevelopment will move forward.
A trustee's sale for the resort has been set for July 26.
However, officials with California-based Crown Realty and Development Inc., say that the firm wants to avoid the foreclosure, and is negotiating with lender U.S. Bank Special Assets Groupon a resolution.
Crown Realty, owned by Robert Flaxman, also developed the InterContinental Montelucia Resort & Spa in Paradise Valley, which defaulted on a $180 million loan about three years ago.
Flaxman owes at least $360,000 in taxes on the Mountain Shadows property, according the the Maricopa County Treasurer's Office.
Jason Rose, a spokesman for Crown Realty, said if they are successful in negotiations, there will be no sale. If they are not, Crown can bid on the property at the auction.
"They are optimistic about a resolution," Rose said. "They feel confident in a favorable resolution with the bank that will translate into a favorable re-development of Mountain Shadows for the town."
Dozens of residents showed up for a preliminary presentation of their plans for re-developing the resort, at a Town Council meeting Thursday afternoon.
The plan includes resort hotel, residential, golf and retail facilities.
At the meeting, Flaxman, said his firm plans to work through the loan default.
He bought the 68-acre property from Host Marriott Corp. for $42 million, in January 2007. Host Marriott Corp. is now known as Host Hotels & Resorts.
"We are committed to this project and plan to see it through," Flaxman said.
Town Manager Jim Bacon said Crown Realty has had an application on file with Paradise Valley for several years.
The firm plans to submit a revised application this week.
"The owner has the right to move forward with an application," Bacon said, whether the property is in default or not.
The Mountain Shadows resort, which remains closed at 56th Street and Lincoln Drive, has drawn potential re-development possibilities in recent months.
Residents became hopeful when Phoenix-based JDM Partners, co-owned by sports mogul Jerry Colangelo, entered into a purchase agreement for Mountain Shadows in December.
JDM's projects include Chase Field, US Airways Center,Comerica Theatre and the remodel of the Wigwam resort in Litchfield Park, which represented the company's first foray into the hospitality industry.
However, the firm announced last month that it was unable to reach a final agreement with Crown Realty and is no longer under contract for the property.
JDM officials provided no more information, citing a confidentiality provision in the purchase agreement.
by Philip Haldiman - May. 15, 2012 10:06 AM The Republic | azcentral.com
PV Mountain Shadows resort owner defaults on loan
A trustee's sale for the resort has been set for July 26.
However, officials with California-based Crown Realty and Development Inc., say that the firm wants to avoid the foreclosure, and is negotiating with lender U.S. Bank Special Assets Groupon a resolution.
Crown Realty, owned by Robert Flaxman, also developed the InterContinental Montelucia Resort & Spa in Paradise Valley, which defaulted on a $180 million loan about three years ago.
Flaxman owes at least $360,000 in taxes on the Mountain Shadows property, according the the Maricopa County Treasurer's Office.
Jason Rose, a spokesman for Crown Realty, said if they are successful in negotiations, there will be no sale. If they are not, Crown can bid on the property at the auction.
"They are optimistic about a resolution," Rose said. "They feel confident in a favorable resolution with the bank that will translate into a favorable re-development of Mountain Shadows for the town."
Dozens of residents showed up for a preliminary presentation of their plans for re-developing the resort, at a Town Council meeting Thursday afternoon.
The plan includes resort hotel, residential, golf and retail facilities.
At the meeting, Flaxman, said his firm plans to work through the loan default.
He bought the 68-acre property from Host Marriott Corp. for $42 million, in January 2007. Host Marriott Corp. is now known as Host Hotels & Resorts.
"We are committed to this project and plan to see it through," Flaxman said.
Town Manager Jim Bacon said Crown Realty has had an application on file with Paradise Valley for several years.
The firm plans to submit a revised application this week.
"The owner has the right to move forward with an application," Bacon said, whether the property is in default or not.
The Mountain Shadows resort, which remains closed at 56th Street and Lincoln Drive, has drawn potential re-development possibilities in recent months.
Residents became hopeful when Phoenix-based JDM Partners, co-owned by sports mogul Jerry Colangelo, entered into a purchase agreement for Mountain Shadows in December.
JDM's projects include Chase Field, US Airways Center,Comerica Theatre and the remodel of the Wigwam resort in Litchfield Park, which represented the company's first foray into the hospitality industry.
However, the firm announced last month that it was unable to reach a final agreement with Crown Realty and is no longer under contract for the property.
JDM officials provided no more information, citing a confidentiality provision in the purchase agreement.
by Philip Haldiman - May. 15, 2012 10:06 AM The Republic | azcentral.com
PV Mountain Shadows resort owner defaults on loan
Sunday, July 31, 2011
Demolition site in Phoenix scheduled for trustee's sale
The 9-acre site of a 2009 office-building demolition in central Phoenix is now scheduled for foreclosure auction, according to a trustee's sale notice obtained from Mesa real-estate analysis firm Ion Data.
The property at 3033 N. Third St. once was the site of a 10-story office building that was constructed in the early 1970s for Mountain Bell, the telephone company that later became US West and then Qwest Communications.
The site was purchased in 2004 by developer Joe Pinsonneault, who had planned to convert it into a mid-rise retirement campus to be called Montage.
Although the Mountain Bell building, designed by the late Phoenix architect Al Beadle, had been considered by many to be historically significant and deserving of preservation, Pinsonneault was unable to rehabilitate it because it contained asbestos and had other health and safety issues.
Instead, the building underwent floor-by-floor asbestos removal, was stripped of its exterior glass paneling and finally imploded by a professional demolition team on Sept. 27, 2009.
The foreclosure notice, recorded by the Maricopa County Recorder's Office on July 7, lists the property owner as MAM Wealth Management Real Estate Fund I, LP, based in Encino, Calif.
The Federal Deposit Insurance Corp. is listed as beneficiary of the trustee's deed sale, scheduled for Oct. 6. The FDIC is acting as receiver for La Jolla Bank of Carlsbad, Calif.
by J. Craig Anderson The Arizona Republic Jul. 30, 2011 12:00 AM
Demolition site in Phoenix scheduled for trustee's sale
The property at 3033 N. Third St. once was the site of a 10-story office building that was constructed in the early 1970s for Mountain Bell, the telephone company that later became US West and then Qwest Communications.
The site was purchased in 2004 by developer Joe Pinsonneault, who had planned to convert it into a mid-rise retirement campus to be called Montage.
Although the Mountain Bell building, designed by the late Phoenix architect Al Beadle, had been considered by many to be historically significant and deserving of preservation, Pinsonneault was unable to rehabilitate it because it contained asbestos and had other health and safety issues.
Instead, the building underwent floor-by-floor asbestos removal, was stripped of its exterior glass paneling and finally imploded by a professional demolition team on Sept. 27, 2009.
The foreclosure notice, recorded by the Maricopa County Recorder's Office on July 7, lists the property owner as MAM Wealth Management Real Estate Fund I, LP, based in Encino, Calif.
The Federal Deposit Insurance Corp. is listed as beneficiary of the trustee's deed sale, scheduled for Oct. 6. The FDIC is acting as receiver for La Jolla Bank of Carlsbad, Calif.
by J. Craig Anderson The Arizona Republic Jul. 30, 2011 12:00 AM
Demolition site in Phoenix scheduled for trustee's sale
Demolition site in Phoenix scheduled for trustee's sale
The 9-acre site of a 2009 office-building demolition in central Phoenix is now scheduled for foreclosure auction, according to a trustee's sale notice obtained from Mesa real-estate analysis firm Ion Data.
The property at 3033 N. Third St. once was the site of a 10-story office building that was constructed in the early 1970s for Mountain Bell, the telephone company that later became US West and then Qwest Communications.
The site was purchased in 2004 by developer Joe Pinsonneault, who had planned to convert it into a mid-rise retirement campus to be called Montage.
Although the Mountain Bell building, designed by the late Phoenix architect Al Beadle, had been considered by many to be historically significant and deserving of preservation, Pinsonneault was unable to rehabilitate it because it contained asbestos and had other health and safety issues.
Instead, the building underwent floor-by-floor asbestos removal, was stripped of its exterior glass paneling and finally imploded by a professional demolition team on Sept. 27, 2009.
The foreclosure notice, recorded by the Maricopa County Recorder's Office on July 7, lists the property owner as MAM Wealth Management Real Estate Fund I, LP, based in Encino, Calif.
The Federal Deposit Insurance Corp. is listed as beneficiary of the trustee's deed sale, scheduled for Oct. 6. The FDIC is acting as receiver for La Jolla Bank of Carlsbad, Calif.
by J. Craig Anderson The Arizona Republic Jul. 30, 2011 12:00 AM
Demolition site in Phoenix scheduled for trustee's sale
The property at 3033 N. Third St. once was the site of a 10-story office building that was constructed in the early 1970s for Mountain Bell, the telephone company that later became US West and then Qwest Communications.
The site was purchased in 2004 by developer Joe Pinsonneault, who had planned to convert it into a mid-rise retirement campus to be called Montage.
Although the Mountain Bell building, designed by the late Phoenix architect Al Beadle, had been considered by many to be historically significant and deserving of preservation, Pinsonneault was unable to rehabilitate it because it contained asbestos and had other health and safety issues.
Instead, the building underwent floor-by-floor asbestos removal, was stripped of its exterior glass paneling and finally imploded by a professional demolition team on Sept. 27, 2009.
The foreclosure notice, recorded by the Maricopa County Recorder's Office on July 7, lists the property owner as MAM Wealth Management Real Estate Fund I, LP, based in Encino, Calif.
The Federal Deposit Insurance Corp. is listed as beneficiary of the trustee's deed sale, scheduled for Oct. 6. The FDIC is acting as receiver for La Jolla Bank of Carlsbad, Calif.
by J. Craig Anderson The Arizona Republic Jul. 30, 2011 12:00 AM
Demolition site in Phoenix scheduled for trustee's sale
Demolition site in Phoenix scheduled for trustee's sale
The 9-acre site of a 2009 office-building demolition in central Phoenix is now scheduled for foreclosure auction, according to a trustee's sale notice obtained from Mesa real-estate analysis firm Ion Data.
The property at 3033 N. Third St. once was the site of a 10-story office building that was constructed in the early 1970s for Mountain Bell, the telephone company that later became US West and then Qwest Communications.
The site was purchased in 2004 by developer Joe Pinsonneault, who had planned to convert it into a mid-rise retirement campus to be called Montage.
Although the Mountain Bell building, designed by the late Phoenix architect Al Beadle, had been considered by many to be historically significant and deserving of preservation, Pinsonneault was unable to rehabilitate it because it contained asbestos and had other health and safety issues.
Instead, the building underwent floor-by-floor asbestos removal, was stripped of its exterior glass paneling and finally imploded by a professional demolition team on Sept. 27, 2009.
The foreclosure notice, recorded by the Maricopa County Recorder's Office on July 7, lists the property owner as MAM Wealth Management Real Estate Fund I, LP, based in Encino, Calif.
The Federal Deposit Insurance Corp. is listed as beneficiary of the trustee's deed sale, scheduled for Oct. 6. The FDIC is acting as receiver for La Jolla Bank of Carlsbad, Calif.
by J. Craig Anderson The Arizona Republic Jul. 30, 2011 12:00 AM
Demolition site in Phoenix scheduled for trustee's sale
The property at 3033 N. Third St. once was the site of a 10-story office building that was constructed in the early 1970s for Mountain Bell, the telephone company that later became US West and then Qwest Communications.
The site was purchased in 2004 by developer Joe Pinsonneault, who had planned to convert it into a mid-rise retirement campus to be called Montage.
Although the Mountain Bell building, designed by the late Phoenix architect Al Beadle, had been considered by many to be historically significant and deserving of preservation, Pinsonneault was unable to rehabilitate it because it contained asbestos and had other health and safety issues.
Instead, the building underwent floor-by-floor asbestos removal, was stripped of its exterior glass paneling and finally imploded by a professional demolition team on Sept. 27, 2009.
The foreclosure notice, recorded by the Maricopa County Recorder's Office on July 7, lists the property owner as MAM Wealth Management Real Estate Fund I, LP, based in Encino, Calif.
The Federal Deposit Insurance Corp. is listed as beneficiary of the trustee's deed sale, scheduled for Oct. 6. The FDIC is acting as receiver for La Jolla Bank of Carlsbad, Calif.
by J. Craig Anderson The Arizona Republic Jul. 30, 2011 12:00 AM
Demolition site in Phoenix scheduled for trustee's sale
Demolition site in Phoenix scheduled for trustee's sale
The 9-acre site of a 2009 office-building demolition in central Phoenix is now scheduled for foreclosure auction, according to a trustee's sale notice obtained from Mesa real-estate analysis firm Ion Data.
The property at 3033 N. Third St. once was the site of a 10-story office building that was constructed in the early 1970s for Mountain Bell, the telephone company that later became US West and then Qwest Communications.
The site was purchased in 2004 by developer Joe Pinsonneault, who had planned to convert it into a mid-rise retirement campus to be called Montage.
Although the Mountain Bell building, designed by the late Phoenix architect Al Beadle, had been considered by many to be historically significant and deserving of preservation, Pinsonneault was unable to rehabilitate it because it contained asbestos and had other health and safety issues.
Instead, the building underwent floor-by-floor asbestos removal, was stripped of its exterior glass paneling and finally imploded by a professional demolition team on Sept. 27, 2009.
The foreclosure notice, recorded by the Maricopa County Recorder's Office on July 7, lists the property owner as MAM Wealth Management Real Estate Fund I, LP, based in Encino, Calif.
The Federal Deposit Insurance Corp. is listed as beneficiary of the trustee's deed sale, scheduled for Oct. 6. The FDIC is acting as receiver for La Jolla Bank of Carlsbad, Calif.
by J. Craig Anderson The Arizona Republic Jul. 30, 2011 12:00 AM
Demolition site in Phoenix scheduled for trustee's sale
The property at 3033 N. Third St. once was the site of a 10-story office building that was constructed in the early 1970s for Mountain Bell, the telephone company that later became US West and then Qwest Communications.
The site was purchased in 2004 by developer Joe Pinsonneault, who had planned to convert it into a mid-rise retirement campus to be called Montage.
Although the Mountain Bell building, designed by the late Phoenix architect Al Beadle, had been considered by many to be historically significant and deserving of preservation, Pinsonneault was unable to rehabilitate it because it contained asbestos and had other health and safety issues.
Instead, the building underwent floor-by-floor asbestos removal, was stripped of its exterior glass paneling and finally imploded by a professional demolition team on Sept. 27, 2009.
The foreclosure notice, recorded by the Maricopa County Recorder's Office on July 7, lists the property owner as MAM Wealth Management Real Estate Fund I, LP, based in Encino, Calif.
The Federal Deposit Insurance Corp. is listed as beneficiary of the trustee's deed sale, scheduled for Oct. 6. The FDIC is acting as receiver for La Jolla Bank of Carlsbad, Calif.
by J. Craig Anderson The Arizona Republic Jul. 30, 2011 12:00 AM
Demolition site in Phoenix scheduled for trustee's sale
Demolition site in Phoenix scheduled for trustee's sale
The 9-acre site of a 2009 office-building demolition in central Phoenix is now scheduled for foreclosure auction, according to a trustee's sale notice obtained from Mesa real-estate analysis firm Ion Data.
The property at 3033 N. Third St. once was the site of a 10-story office building that was constructed in the early 1970s for Mountain Bell, the telephone company that later became US West and then Qwest Communications.
The site was purchased in 2004 by developer Joe Pinsonneault, who had planned to convert it into a mid-rise retirement campus to be called Montage.
Although the Mountain Bell building, designed by the late Phoenix architect Al Beadle, had been considered by many to be historically significant and deserving of preservation, Pinsonneault was unable to rehabilitate it because it contained asbestos and had other health and safety issues.
Instead, the building underwent floor-by-floor asbestos removal, was stripped of its exterior glass paneling and finally imploded by a professional demolition team on Sept. 27, 2009.
The foreclosure notice, recorded by the Maricopa County Recorder's Office on July 7, lists the property owner as MAM Wealth Management Real Estate Fund I, LP, based in Encino, Calif.
The Federal Deposit Insurance Corp. is listed as beneficiary of the trustee's deed sale, scheduled for Oct. 6. The FDIC is acting as receiver for La Jolla Bank of Carlsbad, Calif.
by J. Craig Anderson The Arizona Republic Jul. 30, 2011 12:00 AM
Demolition site in Phoenix scheduled for trustee's sale
The property at 3033 N. Third St. once was the site of a 10-story office building that was constructed in the early 1970s for Mountain Bell, the telephone company that later became US West and then Qwest Communications.
The site was purchased in 2004 by developer Joe Pinsonneault, who had planned to convert it into a mid-rise retirement campus to be called Montage.
Although the Mountain Bell building, designed by the late Phoenix architect Al Beadle, had been considered by many to be historically significant and deserving of preservation, Pinsonneault was unable to rehabilitate it because it contained asbestos and had other health and safety issues.
Instead, the building underwent floor-by-floor asbestos removal, was stripped of its exterior glass paneling and finally imploded by a professional demolition team on Sept. 27, 2009.
The foreclosure notice, recorded by the Maricopa County Recorder's Office on July 7, lists the property owner as MAM Wealth Management Real Estate Fund I, LP, based in Encino, Calif.
The Federal Deposit Insurance Corp. is listed as beneficiary of the trustee's deed sale, scheduled for Oct. 6. The FDIC is acting as receiver for La Jolla Bank of Carlsbad, Calif.
by J. Craig Anderson The Arizona Republic Jul. 30, 2011 12:00 AM
Demolition site in Phoenix scheduled for trustee's sale
Demolition site in Phoenix scheduled for trustee's sale
The 9-acre site of a 2009 office-building demolition in central Phoenix is now scheduled for foreclosure auction, according to a trustee's sale notice obtained from Mesa real-estate analysis firm Ion Data.
The property at 3033 N. Third St. once was the site of a 10-story office building that was constructed in the early 1970s for Mountain Bell, the telephone company that later became US West and then Qwest Communications.
The site was purchased in 2004 by developer Joe Pinsonneault, who had planned to convert it into a mid-rise retirement campus to be called Montage.
Although the Mountain Bell building, designed by the late Phoenix architect Al Beadle, had been considered by many to be historically significant and deserving of preservation, Pinsonneault was unable to rehabilitate it because it contained asbestos and had other health and safety issues.
Instead, the building underwent floor-by-floor asbestos removal, was stripped of its exterior glass paneling and finally imploded by a professional demolition team on Sept. 27, 2009.
The foreclosure notice, recorded by the Maricopa County Recorder's Office on July 7, lists the property owner as MAM Wealth Management Real Estate Fund I, LP, based in Encino, Calif.
The Federal Deposit Insurance Corp. is listed as beneficiary of the trustee's deed sale, scheduled for Oct. 6. The FDIC is acting as receiver for La Jolla Bank of Carlsbad, Calif.
by J. Craig Anderson The Arizona Republic Jul. 30, 2011 12:00 AM
Demolition site in Phoenix scheduled for trustee's sale
The property at 3033 N. Third St. once was the site of a 10-story office building that was constructed in the early 1970s for Mountain Bell, the telephone company that later became US West and then Qwest Communications.
The site was purchased in 2004 by developer Joe Pinsonneault, who had planned to convert it into a mid-rise retirement campus to be called Montage.
Although the Mountain Bell building, designed by the late Phoenix architect Al Beadle, had been considered by many to be historically significant and deserving of preservation, Pinsonneault was unable to rehabilitate it because it contained asbestos and had other health and safety issues.
Instead, the building underwent floor-by-floor asbestos removal, was stripped of its exterior glass paneling and finally imploded by a professional demolition team on Sept. 27, 2009.
The foreclosure notice, recorded by the Maricopa County Recorder's Office on July 7, lists the property owner as MAM Wealth Management Real Estate Fund I, LP, based in Encino, Calif.
The Federal Deposit Insurance Corp. is listed as beneficiary of the trustee's deed sale, scheduled for Oct. 6. The FDIC is acting as receiver for La Jolla Bank of Carlsbad, Calif.
by J. Craig Anderson The Arizona Republic Jul. 30, 2011 12:00 AM
Demolition site in Phoenix scheduled for trustee's sale
Demolition site in Phoenix scheduled for trustee's sale
The 9-acre site of a 2009 office-building demolition in central Phoenix is now scheduled for foreclosure auction, according to a trustee's sale notice obtained from Mesa real-estate analysis firm Ion Data.
The property at 3033 N. Third St. once was the site of a 10-story office building that was constructed in the early 1970s for Mountain Bell, the telephone company that later became US West and then Qwest Communications.
The site was purchased in 2004 by developer Joe Pinsonneault, who had planned to convert it into a mid-rise retirement campus to be called Montage.
Although the Mountain Bell building, designed by the late Phoenix architect Al Beadle, had been considered by many to be historically significant and deserving of preservation, Pinsonneault was unable to rehabilitate it because it contained asbestos and had other health and safety issues.
Instead, the building underwent floor-by-floor asbestos removal, was stripped of its exterior glass paneling and finally imploded by a professional demolition team on Sept. 27, 2009.
The foreclosure notice, recorded by the Maricopa County Recorder's Office on July 7, lists the property owner as MAM Wealth Management Real Estate Fund I, LP, based in Encino, Calif.
The Federal Deposit Insurance Corp. is listed as beneficiary of the trustee's deed sale, scheduled for Oct. 6. The FDIC is acting as receiver for La Jolla Bank of Carlsbad, Calif.
by J. Craig Anderson The Arizona Republic Jul. 30, 2011 12:00 AM
Demolition site in Phoenix scheduled for trustee's sale
The property at 3033 N. Third St. once was the site of a 10-story office building that was constructed in the early 1970s for Mountain Bell, the telephone company that later became US West and then Qwest Communications.
The site was purchased in 2004 by developer Joe Pinsonneault, who had planned to convert it into a mid-rise retirement campus to be called Montage.
Although the Mountain Bell building, designed by the late Phoenix architect Al Beadle, had been considered by many to be historically significant and deserving of preservation, Pinsonneault was unable to rehabilitate it because it contained asbestos and had other health and safety issues.
Instead, the building underwent floor-by-floor asbestos removal, was stripped of its exterior glass paneling and finally imploded by a professional demolition team on Sept. 27, 2009.
The foreclosure notice, recorded by the Maricopa County Recorder's Office on July 7, lists the property owner as MAM Wealth Management Real Estate Fund I, LP, based in Encino, Calif.
The Federal Deposit Insurance Corp. is listed as beneficiary of the trustee's deed sale, scheduled for Oct. 6. The FDIC is acting as receiver for La Jolla Bank of Carlsbad, Calif.
by J. Craig Anderson The Arizona Republic Jul. 30, 2011 12:00 AM
Demolition site in Phoenix scheduled for trustee's sale
Sunday, November 28, 2010
Lenders take back 2 Glendale office projects
Lenders have taken back two high-profile office projects in Glendale's sports-and-entertainment district at foreclosure auctions.
There were no other bidders at the trustee sales.
The Arizona Cardinals' Bidwill family planned to build a $1.2 billion "urban community" at the property dubbed cbd101, at Loop 101 and Bethany Home Road. The plan included building the tallest skyscraper in Arizona outside of Phoenix, 850 residential units, a public market, a working farm and solar panels above parking garages.
Not a shovel of dirt has been turned on the vacant farmland.
Last week, at auction, the lender, an investment fund run by Maryland-based Walker & Dunlop, took possession of the land, valuing it at $16 million. The Bidwills, through subsidiary Bethany Land Partners LLC, had used a loan of up to $46 million from the firm to buy the property for $55 million in 2007, near the height of the market.
The family made all its payments until the remainder of the loan came due in full this year, said spokesman Steve Roman. The family tried to restructure financing with the lender, he said, but "the parties were unable to arrive at a mutually agreeable resolution."
Roman said the subsidiary was independent of other Bidwill companies, such as the Cardinals, and will have no effect on them.
The Bidwill family continues to own other nearby parcels, including 129 acres made of grassy areas and parking lots near University of Phoenix Stadium known as Sportsman's Park East and West. The group recently received approval from Glendale to build ambitious projects on the two pieces of land over the next few decades. They would include a total of 4.5 million square feet of office and retail, 350 residential units and two hotels and buildings as tall as 200 feet.
The second foreclosed property involved Westgate City Center developer Ellman Cos. Ellman built a two-story, glass-front office building near Jobing.com Arena and high-end condominiums at 91st Avenue and Coyotes Boulevard. The building has sat empty for the past two years.
The lender, Minnesota-based Home Federal Savings Bank, took back the offices at auction in October for $5.6 million. Ellman Cos., through subsidiary Westgate Garden Office 1 LLC, had taken out an $8.4 million loan with the bank in 2008.
The foreclosure affected a limited portion of Westgate, spokeswoman Nicole Traynor said.
"Consequently, there is no negative effect on the future of Westgate City Center or on the financial health of the Ellman Cos.," she said.
Another Ellman subsidiary defaulted in May on a $177.1 million loan for 2,450 acres east of Fountain Hills, where 1,000 luxury homes and a resort were planned.
It's not unusual for foreclosed commercial projects to go to auction without bidders, unless properties are unique or valuable.
Some developers in the down economy let projects fall into foreclosure because "values declined so far there's no point in even trying to save your asset," said Iain Vasey, a Valley real-estate expert. Others bid for their properties at auction, attempting to repossess the property for its current worth.
Still other developers face foreclosure because banks demand repayment of commercial loans instead of renewing terms when they expire, which happens more quickly than home mortgages, typically in two to five years.
by Rebekah L. Sanders The Arizona Republic Nov. 27, 2010 12:00 AM
Lenders take back 2 Glendale office projects
There were no other bidders at the trustee sales.
The Arizona Cardinals' Bidwill family planned to build a $1.2 billion "urban community" at the property dubbed cbd101, at Loop 101 and Bethany Home Road. The plan included building the tallest skyscraper in Arizona outside of Phoenix, 850 residential units, a public market, a working farm and solar panels above parking garages.
Not a shovel of dirt has been turned on the vacant farmland.
Last week, at auction, the lender, an investment fund run by Maryland-based Walker & Dunlop, took possession of the land, valuing it at $16 million. The Bidwills, through subsidiary Bethany Land Partners LLC, had used a loan of up to $46 million from the firm to buy the property for $55 million in 2007, near the height of the market.
The family made all its payments until the remainder of the loan came due in full this year, said spokesman Steve Roman. The family tried to restructure financing with the lender, he said, but "the parties were unable to arrive at a mutually agreeable resolution."
Roman said the subsidiary was independent of other Bidwill companies, such as the Cardinals, and will have no effect on them.
The Bidwill family continues to own other nearby parcels, including 129 acres made of grassy areas and parking lots near University of Phoenix Stadium known as Sportsman's Park East and West. The group recently received approval from Glendale to build ambitious projects on the two pieces of land over the next few decades. They would include a total of 4.5 million square feet of office and retail, 350 residential units and two hotels and buildings as tall as 200 feet.
The second foreclosed property involved Westgate City Center developer Ellman Cos. Ellman built a two-story, glass-front office building near Jobing.com Arena and high-end condominiums at 91st Avenue and Coyotes Boulevard. The building has sat empty for the past two years.
The lender, Minnesota-based Home Federal Savings Bank, took back the offices at auction in October for $5.6 million. Ellman Cos., through subsidiary Westgate Garden Office 1 LLC, had taken out an $8.4 million loan with the bank in 2008.
The foreclosure affected a limited portion of Westgate, spokeswoman Nicole Traynor said.
"Consequently, there is no negative effect on the future of Westgate City Center or on the financial health of the Ellman Cos.," she said.
Another Ellman subsidiary defaulted in May on a $177.1 million loan for 2,450 acres east of Fountain Hills, where 1,000 luxury homes and a resort were planned.
It's not unusual for foreclosed commercial projects to go to auction without bidders, unless properties are unique or valuable.
Some developers in the down economy let projects fall into foreclosure because "values declined so far there's no point in even trying to save your asset," said Iain Vasey, a Valley real-estate expert. Others bid for their properties at auction, attempting to repossess the property for its current worth.
Still other developers face foreclosure because banks demand repayment of commercial loans instead of renewing terms when they expire, which happens more quickly than home mortgages, typically in two to five years.
by Rebekah L. Sanders The Arizona Republic Nov. 27, 2010 12:00 AM
Lenders take back 2 Glendale office projects
Lenders take back 2 Glendale office projects
Lenders have taken back two high-profile office projects in Glendale's sports-and-entertainment district at foreclosure auctions.
There were no other bidders at the trustee sales.
The Arizona Cardinals' Bidwill family planned to build a $1.2 billion "urban community" at the property dubbed cbd101, at Loop 101 and Bethany Home Road. The plan included building the tallest skyscraper in Arizona outside of Phoenix, 850 residential units, a public market, a working farm and solar panels above parking garages.
Not a shovel of dirt has been turned on the vacant farmland.
Last week, at auction, the lender, an investment fund run by Maryland-based Walker & Dunlop, took possession of the land, valuing it at $16 million. The Bidwills, through subsidiary Bethany Land Partners LLC, had used a loan of up to $46 million from the firm to buy the property for $55 million in 2007, near the height of the market.
The family made all its payments until the remainder of the loan came due in full this year, said spokesman Steve Roman. The family tried to restructure financing with the lender, he said, but "the parties were unable to arrive at a mutually agreeable resolution."
Roman said the subsidiary was independent of other Bidwill companies, such as the Cardinals, and will have no effect on them.
The Bidwill family continues to own other nearby parcels, including 129 acres made of grassy areas and parking lots near University of Phoenix Stadium known as Sportsman's Park East and West. The group recently received approval from Glendale to build ambitious projects on the two pieces of land over the next few decades. They would include a total of 4.5 million square feet of office and retail, 350 residential units and two hotels and buildings as tall as 200 feet.
The second foreclosed property involved Westgate City Center developer Ellman Cos. Ellman built a two-story, glass-front office building near Jobing.com Arena and high-end condominiums at 91st Avenue and Coyotes Boulevard. The building has sat empty for the past two years.
The lender, Minnesota-based Home Federal Savings Bank, took back the offices at auction in October for $5.6 million. Ellman Cos., through subsidiary Westgate Garden Office 1 LLC, had taken out an $8.4 million loan with the bank in 2008.
The foreclosure affected a limited portion of Westgate, spokeswoman Nicole Traynor said.
"Consequently, there is no negative effect on the future of Westgate City Center or on the financial health of the Ellman Cos.," she said.
Another Ellman subsidiary defaulted in May on a $177.1 million loan for 2,450 acres east of Fountain Hills, where 1,000 luxury homes and a resort were planned.
It's not unusual for foreclosed commercial projects to go to auction without bidders, unless properties are unique or valuable.
Some developers in the down economy let projects fall into foreclosure because "values declined so far there's no point in even trying to save your asset," said Iain Vasey, a Valley real-estate expert. Others bid for their properties at auction, attempting to repossess the property for its current worth.
Still other developers face foreclosure because banks demand repayment of commercial loans instead of renewing terms when they expire, which happens more quickly than home mortgages, typically in two to five years.
by Rebekah L. Sanders The Arizona Republic Nov. 27, 2010 12:00 AM
Lenders take back 2 Glendale office projects
There were no other bidders at the trustee sales.
The Arizona Cardinals' Bidwill family planned to build a $1.2 billion "urban community" at the property dubbed cbd101, at Loop 101 and Bethany Home Road. The plan included building the tallest skyscraper in Arizona outside of Phoenix, 850 residential units, a public market, a working farm and solar panels above parking garages.
Not a shovel of dirt has been turned on the vacant farmland.
Last week, at auction, the lender, an investment fund run by Maryland-based Walker & Dunlop, took possession of the land, valuing it at $16 million. The Bidwills, through subsidiary Bethany Land Partners LLC, had used a loan of up to $46 million from the firm to buy the property for $55 million in 2007, near the height of the market.
The family made all its payments until the remainder of the loan came due in full this year, said spokesman Steve Roman. The family tried to restructure financing with the lender, he said, but "the parties were unable to arrive at a mutually agreeable resolution."
Roman said the subsidiary was independent of other Bidwill companies, such as the Cardinals, and will have no effect on them.
The Bidwill family continues to own other nearby parcels, including 129 acres made of grassy areas and parking lots near University of Phoenix Stadium known as Sportsman's Park East and West. The group recently received approval from Glendale to build ambitious projects on the two pieces of land over the next few decades. They would include a total of 4.5 million square feet of office and retail, 350 residential units and two hotels and buildings as tall as 200 feet.
The second foreclosed property involved Westgate City Center developer Ellman Cos. Ellman built a two-story, glass-front office building near Jobing.com Arena and high-end condominiums at 91st Avenue and Coyotes Boulevard. The building has sat empty for the past two years.
The lender, Minnesota-based Home Federal Savings Bank, took back the offices at auction in October for $5.6 million. Ellman Cos., through subsidiary Westgate Garden Office 1 LLC, had taken out an $8.4 million loan with the bank in 2008.
The foreclosure affected a limited portion of Westgate, spokeswoman Nicole Traynor said.
"Consequently, there is no negative effect on the future of Westgate City Center or on the financial health of the Ellman Cos.," she said.
Another Ellman subsidiary defaulted in May on a $177.1 million loan for 2,450 acres east of Fountain Hills, where 1,000 luxury homes and a resort were planned.
It's not unusual for foreclosed commercial projects to go to auction without bidders, unless properties are unique or valuable.
Some developers in the down economy let projects fall into foreclosure because "values declined so far there's no point in even trying to save your asset," said Iain Vasey, a Valley real-estate expert. Others bid for their properties at auction, attempting to repossess the property for its current worth.
Still other developers face foreclosure because banks demand repayment of commercial loans instead of renewing terms when they expire, which happens more quickly than home mortgages, typically in two to five years.
by Rebekah L. Sanders The Arizona Republic Nov. 27, 2010 12:00 AM
Lenders take back 2 Glendale office projects
Lenders take back 2 Glendale office projects
Lenders have taken back two high-profile office projects in Glendale's sports-and-entertainment district at foreclosure auctions.
There were no other bidders at the trustee sales.
The Arizona Cardinals' Bidwill family planned to build a $1.2 billion "urban community" at the property dubbed cbd101, at Loop 101 and Bethany Home Road. The plan included building the tallest skyscraper in Arizona outside of Phoenix, 850 residential units, a public market, a working farm and solar panels above parking garages.
Not a shovel of dirt has been turned on the vacant farmland.
Last week, at auction, the lender, an investment fund run by Maryland-based Walker & Dunlop, took possession of the land, valuing it at $16 million. The Bidwills, through subsidiary Bethany Land Partners LLC, had used a loan of up to $46 million from the firm to buy the property for $55 million in 2007, near the height of the market.
The family made all its payments until the remainder of the loan came due in full this year, said spokesman Steve Roman. The family tried to restructure financing with the lender, he said, but "the parties were unable to arrive at a mutually agreeable resolution."
Roman said the subsidiary was independent of other Bidwill companies, such as the Cardinals, and will have no effect on them.
The Bidwill family continues to own other nearby parcels, including 129 acres made of grassy areas and parking lots near University of Phoenix Stadium known as Sportsman's Park East and West. The group recently received approval from Glendale to build ambitious projects on the two pieces of land over the next few decades. They would include a total of 4.5 million square feet of office and retail, 350 residential units and two hotels and buildings as tall as 200 feet.
The second foreclosed property involved Westgate City Center developer Ellman Cos. Ellman built a two-story, glass-front office building near Jobing.com Arena and high-end condominiums at 91st Avenue and Coyotes Boulevard. The building has sat empty for the past two years.
The lender, Minnesota-based Home Federal Savings Bank, took back the offices at auction in October for $5.6 million. Ellman Cos., through subsidiary Westgate Garden Office 1 LLC, had taken out an $8.4 million loan with the bank in 2008.
The foreclosure affected a limited portion of Westgate, spokeswoman Nicole Traynor said.
"Consequently, there is no negative effect on the future of Westgate City Center or on the financial health of the Ellman Cos.," she said.
Another Ellman subsidiary defaulted in May on a $177.1 million loan for 2,450 acres east of Fountain Hills, where 1,000 luxury homes and a resort were planned.
It's not unusual for foreclosed commercial projects to go to auction without bidders, unless properties are unique or valuable.
Some developers in the down economy let projects fall into foreclosure because "values declined so far there's no point in even trying to save your asset," said Iain Vasey, a Valley real-estate expert. Others bid for their properties at auction, attempting to repossess the property for its current worth.
Still other developers face foreclosure because banks demand repayment of commercial loans instead of renewing terms when they expire, which happens more quickly than home mortgages, typically in two to five years.
by Rebekah L. Sanders The Arizona Republic Nov. 27, 2010 12:00 AM
Lenders take back 2 Glendale office projects
There were no other bidders at the trustee sales.
The Arizona Cardinals' Bidwill family planned to build a $1.2 billion "urban community" at the property dubbed cbd101, at Loop 101 and Bethany Home Road. The plan included building the tallest skyscraper in Arizona outside of Phoenix, 850 residential units, a public market, a working farm and solar panels above parking garages.
Not a shovel of dirt has been turned on the vacant farmland.
Last week, at auction, the lender, an investment fund run by Maryland-based Walker & Dunlop, took possession of the land, valuing it at $16 million. The Bidwills, through subsidiary Bethany Land Partners LLC, had used a loan of up to $46 million from the firm to buy the property for $55 million in 2007, near the height of the market.
The family made all its payments until the remainder of the loan came due in full this year, said spokesman Steve Roman. The family tried to restructure financing with the lender, he said, but "the parties were unable to arrive at a mutually agreeable resolution."
Roman said the subsidiary was independent of other Bidwill companies, such as the Cardinals, and will have no effect on them.
The Bidwill family continues to own other nearby parcels, including 129 acres made of grassy areas and parking lots near University of Phoenix Stadium known as Sportsman's Park East and West. The group recently received approval from Glendale to build ambitious projects on the two pieces of land over the next few decades. They would include a total of 4.5 million square feet of office and retail, 350 residential units and two hotels and buildings as tall as 200 feet.
The second foreclosed property involved Westgate City Center developer Ellman Cos. Ellman built a two-story, glass-front office building near Jobing.com Arena and high-end condominiums at 91st Avenue and Coyotes Boulevard. The building has sat empty for the past two years.
The lender, Minnesota-based Home Federal Savings Bank, took back the offices at auction in October for $5.6 million. Ellman Cos., through subsidiary Westgate Garden Office 1 LLC, had taken out an $8.4 million loan with the bank in 2008.
The foreclosure affected a limited portion of Westgate, spokeswoman Nicole Traynor said.
"Consequently, there is no negative effect on the future of Westgate City Center or on the financial health of the Ellman Cos.," she said.
Another Ellman subsidiary defaulted in May on a $177.1 million loan for 2,450 acres east of Fountain Hills, where 1,000 luxury homes and a resort were planned.
It's not unusual for foreclosed commercial projects to go to auction without bidders, unless properties are unique or valuable.
Some developers in the down economy let projects fall into foreclosure because "values declined so far there's no point in even trying to save your asset," said Iain Vasey, a Valley real-estate expert. Others bid for their properties at auction, attempting to repossess the property for its current worth.
Still other developers face foreclosure because banks demand repayment of commercial loans instead of renewing terms when they expire, which happens more quickly than home mortgages, typically in two to five years.
by Rebekah L. Sanders The Arizona Republic Nov. 27, 2010 12:00 AM
Lenders take back 2 Glendale office projects
Lenders take back 2 Glendale office projects
Lenders have taken back two high-profile office projects in Glendale's sports-and-entertainment district at foreclosure auctions.
There were no other bidders at the trustee sales.
The Arizona Cardinals' Bidwill family planned to build a $1.2 billion "urban community" at the property dubbed cbd101, at Loop 101 and Bethany Home Road. The plan included building the tallest skyscraper in Arizona outside of Phoenix, 850 residential units, a public market, a working farm and solar panels above parking garages.
Not a shovel of dirt has been turned on the vacant farmland.
Last week, at auction, the lender, an investment fund run by Maryland-based Walker & Dunlop, took possession of the land, valuing it at $16 million. The Bidwills, through subsidiary Bethany Land Partners LLC, had used a loan of up to $46 million from the firm to buy the property for $55 million in 2007, near the height of the market.
The family made all its payments until the remainder of the loan came due in full this year, said spokesman Steve Roman. The family tried to restructure financing with the lender, he said, but "the parties were unable to arrive at a mutually agreeable resolution."
Roman said the subsidiary was independent of other Bidwill companies, such as the Cardinals, and will have no effect on them.
The Bidwill family continues to own other nearby parcels, including 129 acres made of grassy areas and parking lots near University of Phoenix Stadium known as Sportsman's Park East and West. The group recently received approval from Glendale to build ambitious projects on the two pieces of land over the next few decades. They would include a total of 4.5 million square feet of office and retail, 350 residential units and two hotels and buildings as tall as 200 feet.
The second foreclosed property involved Westgate City Center developer Ellman Cos. Ellman built a two-story, glass-front office building near Jobing.com Arena and high-end condominiums at 91st Avenue and Coyotes Boulevard. The building has sat empty for the past two years.
The lender, Minnesota-based Home Federal Savings Bank, took back the offices at auction in October for $5.6 million. Ellman Cos., through subsidiary Westgate Garden Office 1 LLC, had taken out an $8.4 million loan with the bank in 2008.
The foreclosure affected a limited portion of Westgate, spokeswoman Nicole Traynor said.
"Consequently, there is no negative effect on the future of Westgate City Center or on the financial health of the Ellman Cos.," she said.
Another Ellman subsidiary defaulted in May on a $177.1 million loan for 2,450 acres east of Fountain Hills, where 1,000 luxury homes and a resort were planned.
It's not unusual for foreclosed commercial projects to go to auction without bidders, unless properties are unique or valuable.
Some developers in the down economy let projects fall into foreclosure because "values declined so far there's no point in even trying to save your asset," said Iain Vasey, a Valley real-estate expert. Others bid for their properties at auction, attempting to repossess the property for its current worth.
Still other developers face foreclosure because banks demand repayment of commercial loans instead of renewing terms when they expire, which happens more quickly than home mortgages, typically in two to five years.
by Rebekah L. Sanders The Arizona Republic Nov. 27, 2010 12:00 AM
Lenders take back 2 Glendale office projects
There were no other bidders at the trustee sales.
The Arizona Cardinals' Bidwill family planned to build a $1.2 billion "urban community" at the property dubbed cbd101, at Loop 101 and Bethany Home Road. The plan included building the tallest skyscraper in Arizona outside of Phoenix, 850 residential units, a public market, a working farm and solar panels above parking garages.
Not a shovel of dirt has been turned on the vacant farmland.
Last week, at auction, the lender, an investment fund run by Maryland-based Walker & Dunlop, took possession of the land, valuing it at $16 million. The Bidwills, through subsidiary Bethany Land Partners LLC, had used a loan of up to $46 million from the firm to buy the property for $55 million in 2007, near the height of the market.
The family made all its payments until the remainder of the loan came due in full this year, said spokesman Steve Roman. The family tried to restructure financing with the lender, he said, but "the parties were unable to arrive at a mutually agreeable resolution."
Roman said the subsidiary was independent of other Bidwill companies, such as the Cardinals, and will have no effect on them.
The Bidwill family continues to own other nearby parcels, including 129 acres made of grassy areas and parking lots near University of Phoenix Stadium known as Sportsman's Park East and West. The group recently received approval from Glendale to build ambitious projects on the two pieces of land over the next few decades. They would include a total of 4.5 million square feet of office and retail, 350 residential units and two hotels and buildings as tall as 200 feet.
The second foreclosed property involved Westgate City Center developer Ellman Cos. Ellman built a two-story, glass-front office building near Jobing.com Arena and high-end condominiums at 91st Avenue and Coyotes Boulevard. The building has sat empty for the past two years.
The lender, Minnesota-based Home Federal Savings Bank, took back the offices at auction in October for $5.6 million. Ellman Cos., through subsidiary Westgate Garden Office 1 LLC, had taken out an $8.4 million loan with the bank in 2008.
The foreclosure affected a limited portion of Westgate, spokeswoman Nicole Traynor said.
"Consequently, there is no negative effect on the future of Westgate City Center or on the financial health of the Ellman Cos.," she said.
Another Ellman subsidiary defaulted in May on a $177.1 million loan for 2,450 acres east of Fountain Hills, where 1,000 luxury homes and a resort were planned.
It's not unusual for foreclosed commercial projects to go to auction without bidders, unless properties are unique or valuable.
Some developers in the down economy let projects fall into foreclosure because "values declined so far there's no point in even trying to save your asset," said Iain Vasey, a Valley real-estate expert. Others bid for their properties at auction, attempting to repossess the property for its current worth.
Still other developers face foreclosure because banks demand repayment of commercial loans instead of renewing terms when they expire, which happens more quickly than home mortgages, typically in two to five years.
by Rebekah L. Sanders The Arizona Republic Nov. 27, 2010 12:00 AM
Lenders take back 2 Glendale office projects
Lenders take back 2 Glendale office projects
Lenders have taken back two high-profile office projects in Glendale's sports-and-entertainment district at foreclosure auctions.
There were no other bidders at the trustee sales.
The Arizona Cardinals' Bidwill family planned to build a $1.2 billion "urban community" at the property dubbed cbd101, at Loop 101 and Bethany Home Road. The plan included building the tallest skyscraper in Arizona outside of Phoenix, 850 residential units, a public market, a working farm and solar panels above parking garages.
Not a shovel of dirt has been turned on the vacant farmland.
Last week, at auction, the lender, an investment fund run by Maryland-based Walker & Dunlop, took possession of the land, valuing it at $16 million. The Bidwills, through subsidiary Bethany Land Partners LLC, had used a loan of up to $46 million from the firm to buy the property for $55 million in 2007, near the height of the market.
The family made all its payments until the remainder of the loan came due in full this year, said spokesman Steve Roman. The family tried to restructure financing with the lender, he said, but "the parties were unable to arrive at a mutually agreeable resolution."
Roman said the subsidiary was independent of other Bidwill companies, such as the Cardinals, and will have no effect on them.
The Bidwill family continues to own other nearby parcels, including 129 acres made of grassy areas and parking lots near University of Phoenix Stadium known as Sportsman's Park East and West. The group recently received approval from Glendale to build ambitious projects on the two pieces of land over the next few decades. They would include a total of 4.5 million square feet of office and retail, 350 residential units and two hotels and buildings as tall as 200 feet.
The second foreclosed property involved Westgate City Center developer Ellman Cos. Ellman built a two-story, glass-front office building near Jobing.com Arena and high-end condominiums at 91st Avenue and Coyotes Boulevard. The building has sat empty for the past two years.
The lender, Minnesota-based Home Federal Savings Bank, took back the offices at auction in October for $5.6 million. Ellman Cos., through subsidiary Westgate Garden Office 1 LLC, had taken out an $8.4 million loan with the bank in 2008.
The foreclosure affected a limited portion of Westgate, spokeswoman Nicole Traynor said.
"Consequently, there is no negative effect on the future of Westgate City Center or on the financial health of the Ellman Cos.," she said.
Another Ellman subsidiary defaulted in May on a $177.1 million loan for 2,450 acres east of Fountain Hills, where 1,000 luxury homes and a resort were planned.
It's not unusual for foreclosed commercial projects to go to auction without bidders, unless properties are unique or valuable.
Some developers in the down economy let projects fall into foreclosure because "values declined so far there's no point in even trying to save your asset," said Iain Vasey, a Valley real-estate expert. Others bid for their properties at auction, attempting to repossess the property for its current worth.
Still other developers face foreclosure because banks demand repayment of commercial loans instead of renewing terms when they expire, which happens more quickly than home mortgages, typically in two to five years.
by Rebekah L. Sanders The Arizona Republic Nov. 27, 2010 12:00 AM
Lenders take back 2 Glendale office projects
There were no other bidders at the trustee sales.
The Arizona Cardinals' Bidwill family planned to build a $1.2 billion "urban community" at the property dubbed cbd101, at Loop 101 and Bethany Home Road. The plan included building the tallest skyscraper in Arizona outside of Phoenix, 850 residential units, a public market, a working farm and solar panels above parking garages.
Not a shovel of dirt has been turned on the vacant farmland.
Last week, at auction, the lender, an investment fund run by Maryland-based Walker & Dunlop, took possession of the land, valuing it at $16 million. The Bidwills, through subsidiary Bethany Land Partners LLC, had used a loan of up to $46 million from the firm to buy the property for $55 million in 2007, near the height of the market.
The family made all its payments until the remainder of the loan came due in full this year, said spokesman Steve Roman. The family tried to restructure financing with the lender, he said, but "the parties were unable to arrive at a mutually agreeable resolution."
Roman said the subsidiary was independent of other Bidwill companies, such as the Cardinals, and will have no effect on them.
The Bidwill family continues to own other nearby parcels, including 129 acres made of grassy areas and parking lots near University of Phoenix Stadium known as Sportsman's Park East and West. The group recently received approval from Glendale to build ambitious projects on the two pieces of land over the next few decades. They would include a total of 4.5 million square feet of office and retail, 350 residential units and two hotels and buildings as tall as 200 feet.
The second foreclosed property involved Westgate City Center developer Ellman Cos. Ellman built a two-story, glass-front office building near Jobing.com Arena and high-end condominiums at 91st Avenue and Coyotes Boulevard. The building has sat empty for the past two years.
The lender, Minnesota-based Home Federal Savings Bank, took back the offices at auction in October for $5.6 million. Ellman Cos., through subsidiary Westgate Garden Office 1 LLC, had taken out an $8.4 million loan with the bank in 2008.
The foreclosure affected a limited portion of Westgate, spokeswoman Nicole Traynor said.
"Consequently, there is no negative effect on the future of Westgate City Center or on the financial health of the Ellman Cos.," she said.
Another Ellman subsidiary defaulted in May on a $177.1 million loan for 2,450 acres east of Fountain Hills, where 1,000 luxury homes and a resort were planned.
It's not unusual for foreclosed commercial projects to go to auction without bidders, unless properties are unique or valuable.
Some developers in the down economy let projects fall into foreclosure because "values declined so far there's no point in even trying to save your asset," said Iain Vasey, a Valley real-estate expert. Others bid for their properties at auction, attempting to repossess the property for its current worth.
Still other developers face foreclosure because banks demand repayment of commercial loans instead of renewing terms when they expire, which happens more quickly than home mortgages, typically in two to five years.
by Rebekah L. Sanders The Arizona Republic Nov. 27, 2010 12:00 AM
Lenders take back 2 Glendale office projects
Lenders take back 2 Glendale office projects
Lenders have taken back two high-profile office projects in Glendale's sports-and-entertainment district at foreclosure auctions.
There were no other bidders at the trustee sales.
The Arizona Cardinals' Bidwill family planned to build a $1.2 billion "urban community" at the property dubbed cbd101, at Loop 101 and Bethany Home Road. The plan included building the tallest skyscraper in Arizona outside of Phoenix, 850 residential units, a public market, a working farm and solar panels above parking garages.
Not a shovel of dirt has been turned on the vacant farmland.
Last week, at auction, the lender, an investment fund run by Maryland-based Walker & Dunlop, took possession of the land, valuing it at $16 million. The Bidwills, through subsidiary Bethany Land Partners LLC, had used a loan of up to $46 million from the firm to buy the property for $55 million in 2007, near the height of the market.
The family made all its payments until the remainder of the loan came due in full this year, said spokesman Steve Roman. The family tried to restructure financing with the lender, he said, but "the parties were unable to arrive at a mutually agreeable resolution."
Roman said the subsidiary was independent of other Bidwill companies, such as the Cardinals, and will have no effect on them.
The Bidwill family continues to own other nearby parcels, including 129 acres made of grassy areas and parking lots near University of Phoenix Stadium known as Sportsman's Park East and West. The group recently received approval from Glendale to build ambitious projects on the two pieces of land over the next few decades. They would include a total of 4.5 million square feet of office and retail, 350 residential units and two hotels and buildings as tall as 200 feet.
The second foreclosed property involved Westgate City Center developer Ellman Cos. Ellman built a two-story, glass-front office building near Jobing.com Arena and high-end condominiums at 91st Avenue and Coyotes Boulevard. The building has sat empty for the past two years.
The lender, Minnesota-based Home Federal Savings Bank, took back the offices at auction in October for $5.6 million. Ellman Cos., through subsidiary Westgate Garden Office 1 LLC, had taken out an $8.4 million loan with the bank in 2008.
The foreclosure affected a limited portion of Westgate, spokeswoman Nicole Traynor said.
"Consequently, there is no negative effect on the future of Westgate City Center or on the financial health of the Ellman Cos.," she said.
Another Ellman subsidiary defaulted in May on a $177.1 million loan for 2,450 acres east of Fountain Hills, where 1,000 luxury homes and a resort were planned.
It's not unusual for foreclosed commercial projects to go to auction without bidders, unless properties are unique or valuable.
Some developers in the down economy let projects fall into foreclosure because "values declined so far there's no point in even trying to save your asset," said Iain Vasey, a Valley real-estate expert. Others bid for their properties at auction, attempting to repossess the property for its current worth.
Still other developers face foreclosure because banks demand repayment of commercial loans instead of renewing terms when they expire, which happens more quickly than home mortgages, typically in two to five years.
by Rebekah L. Sanders The Arizona Republic Nov. 27, 2010 12:00 AM
Lenders take back 2 Glendale office projects
There were no other bidders at the trustee sales.
The Arizona Cardinals' Bidwill family planned to build a $1.2 billion "urban community" at the property dubbed cbd101, at Loop 101 and Bethany Home Road. The plan included building the tallest skyscraper in Arizona outside of Phoenix, 850 residential units, a public market, a working farm and solar panels above parking garages.
Not a shovel of dirt has been turned on the vacant farmland.
Last week, at auction, the lender, an investment fund run by Maryland-based Walker & Dunlop, took possession of the land, valuing it at $16 million. The Bidwills, through subsidiary Bethany Land Partners LLC, had used a loan of up to $46 million from the firm to buy the property for $55 million in 2007, near the height of the market.
The family made all its payments until the remainder of the loan came due in full this year, said spokesman Steve Roman. The family tried to restructure financing with the lender, he said, but "the parties were unable to arrive at a mutually agreeable resolution."
Roman said the subsidiary was independent of other Bidwill companies, such as the Cardinals, and will have no effect on them.
The Bidwill family continues to own other nearby parcels, including 129 acres made of grassy areas and parking lots near University of Phoenix Stadium known as Sportsman's Park East and West. The group recently received approval from Glendale to build ambitious projects on the two pieces of land over the next few decades. They would include a total of 4.5 million square feet of office and retail, 350 residential units and two hotels and buildings as tall as 200 feet.
The second foreclosed property involved Westgate City Center developer Ellman Cos. Ellman built a two-story, glass-front office building near Jobing.com Arena and high-end condominiums at 91st Avenue and Coyotes Boulevard. The building has sat empty for the past two years.
The lender, Minnesota-based Home Federal Savings Bank, took back the offices at auction in October for $5.6 million. Ellman Cos., through subsidiary Westgate Garden Office 1 LLC, had taken out an $8.4 million loan with the bank in 2008.
The foreclosure affected a limited portion of Westgate, spokeswoman Nicole Traynor said.
"Consequently, there is no negative effect on the future of Westgate City Center or on the financial health of the Ellman Cos.," she said.
Another Ellman subsidiary defaulted in May on a $177.1 million loan for 2,450 acres east of Fountain Hills, where 1,000 luxury homes and a resort were planned.
It's not unusual for foreclosed commercial projects to go to auction without bidders, unless properties are unique or valuable.
Some developers in the down economy let projects fall into foreclosure because "values declined so far there's no point in even trying to save your asset," said Iain Vasey, a Valley real-estate expert. Others bid for their properties at auction, attempting to repossess the property for its current worth.
Still other developers face foreclosure because banks demand repayment of commercial loans instead of renewing terms when they expire, which happens more quickly than home mortgages, typically in two to five years.
by Rebekah L. Sanders The Arizona Republic Nov. 27, 2010 12:00 AM
Lenders take back 2 Glendale office projects
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