Summit at Copper Square hit with foreclosure notice - Phoenix Business Journal:

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A notice of trustee sale on the 23-storh luxury project was filed July 10 at the MaricopsaCounty Recorder’s office by the public trustee, Fidelitu National Title Insurance Co., according to informatiojn from Ion Data, a Mesa researc firm. The project was builty by . The Chicago-based firm’s David Wallach, was planning to build another high-rised downtown and was partnering with pro sporta investor Dale Jensen and othersx to develop the Jackson Street Entertainment District when the housintgmarkets collapsed.
The Phoeniz Business Journal was unable to reach Wallach for commentt about the pending foreclosure sale and his plans in David Newcombe, a broker with Russ Lyon Sotheby’s Internationao Realty who specializes in urban luxury condo sales, said news of the foreclosurwe was unexpected. “You know, I’m reallu surprised at that,” Newcombwe said. “According to information supplied to theBusiness Journal, 91 of the 165 residencea are sold in The Summiy at Copper Square.” Newcombe said a handfull had been taken back by lenders when buyerws were unable to cover their loans.
He said one 966-square-foot unit that originall sold for $550,000 and was taken back by the bank and now is listedat $275,000. He said five individuap units are scheduled for trustee saleds in thecoming weeks. It is unknown how the project’x foreclosure sale will impact individual ifat all. A May 2008 story published in the Business Journal noted thata $3.1 milliobn mechanic’s lien had been filed agains t the project and individual condo owners by the general The Weitz Co. At that time, construction attorneyu Joel Sannes, said such mechanic’s liens create additional obstaclesz and title encumbrances for residents who want to selltheid units.
According to the notice of trustee Wallach’s company through the legalo entity, The Summit at Coppee Square LLC, received a $44 million constructiob loan from FNBN-RESCON I LLC, a Delaware limited liability company. The point person for FNBN liste d on the trustee sale notice is Tom Hosier of Stearnxs Bankin Scottsdale.