Thursday, June 17, 2010

Lender fields bids for Centerpoint condo towers

by Catherine Reagor Arizona Republic June 16, 2010

Two years ago, Arizona's largest private real-estate lender, Mortgages Ltd., was forced into bankruptcy. Its high-profile and expensive projects stalled shortly after that, as did the lender's dividends to investors.

ML Holdings, successor to Mortgages Ltd., is now taking offers on one of the biggest developments in its portfolio, the Centerpoint Condominiums in downtown Tempe.

Proceeds from the sale will go to pay back the development's many investors.

At least 75 large real-estate firms have expressed serious interest in the two towers, said Mark Winkleman, chief operating officer for ML Holdings.

Those companies have signed confidentiality agreements and provided ML with information on how they would finance the deal. More than 300 firms initially asked for information on the condo high-rises.

Tyler Anderson and Sean Cunningham of CB Richard Ellis are marketing the condo project, which ML Holdings foreclosed on a few months ago.

The 22-story tower is nearly complete, while much more work is needed on the project's 30-story tower. The towers are being sold "as is."

Other Mortgages Ltd. real estate that ML Holdings is now trying to sell:

• About 1,680 acres in Pinal County.

• Two central Phoenix townhouse sites with some partially built houses at 121 W. Maryland Ave. and 802 E. Missouri Ave.

• Also in Phoenix, partially built commercial buildings and some vacant land along Van Buren and 48th streets, a 42-unit apartment complex at 4540 E. Belleview St., and 5 acres of vacant land at McKinley and 44th streets.

• About 510 acres of vacant land in Eloy.

In March, ML Holdings sold the 21 brick mansions in central Phoenix called Chateaux on Central for $7 million.

The homes, nearly complete, with elevators and wine cellars, were marketed in 2007 for more than $2 million a piece.

Mesa land

Mesa is trying to sell 11,000 acres it owns in Pinal County to fund a new training field for the Chicago Cubs.

The city has hired Scottsdale-based land brokerage Nathan & Associates to sell the site, southeast of Coolidge along Arizona 87.

Mesa bought the Pinal land for $30 million in 1985.

Lender fields bids for Centerpoint condo towers

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