August 2, 2008

And the beat goes on!

In a news report in the Arizona Republic today (Article) it was reported that Mortgages Limited is working on a plan to give Avenue Communities additional funding-- about $4.5M to be exact.  This would allow the developer to secure the nearly completed high rises from the elements.  Mortgages Limited has said that this would be part of a larger plan to provide additional funding to Centerpoint in the future.  According to the report, Mortgages Ltd has met with undisclosed lenders who are willing to give Centerpoint additional funding.  Of particular note, the report claims that the attorney for the investors (who have already placed approximately $132M in the Centerpoint development through Mortgages Ltd) said that the investors would be willing to subordinate their loan to allow for an additional lender.  This is surprising considering that Robert Sarver (owner of the Phoenix Suns) recently backed out of a deal to provide additional lending due in large part from pressure from investors who were unwilling to subordinate the existing loan.

We will keep our eye on this very important piece of the Downtown Tempe puzzle!




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