August 2, 2008
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!
The first of a 4 tower development is 22 stories. The remaining towers are 30 stories each.
Stunning views of the Valley await those who choose to live in the Centerpoint Condominiums.
Plan to live or work in Downtown Tempe? Call an Urban Real Estate
Broker who actually lives & works in Downtown Tempe!
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