Attorneys question Mortgages Ltd. settlement with downtown Phoenix developer
[Source: Andrew Johnson, Arizona Republic] — Attorneys for investors in construction lender Mortgages Ltd. expressed skepticism during a bankruptcy hearing Tuesday about a settlement the company wants to enter with a development firm that borrowed money for condominium projects. Mortgages Ltd. attorneys say settling with KML Development is in the best interest of the nearly 500 investors who put up about $43 million for numerous loans to the borrower.
KML planned to build mixed-use condo towers in downtown Phoenix and Tempe. The company borrowed loans from Phoenix-based Mortgages Ltd. under the names University and Ash LLC, Roosevelt Gateway LLC, and Roosevelt Gateway II LLC for development costs. [Note: To read the full article, click here.]
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