Owner of midtown Phoenix high-rise files for Chapter 11
[Source: J. Craig Anderson, Arizona Republic] — The owner of Century Plaza, a [midtown] Phoenix high-rise office tower converted into condominiums, filed for voluntary Chapter 11 bankruptcy protection this week. Windsor Century Plaza LLC, owned by Phoenix-based Equus Realty LLC, had sold only 14 of the building’s 145 units when lead creditor M&I Thunderbird Bank placed the property in receivership in December.
M&I, the sole secured creditor, is laying claim to the high-rise building at 3225 N. Central Ave., which has an estimated value of $19 million. Documents filed in U.S. Bankruptcy Court said that M&I is owed an additional $23 million, for a total of $42 million. The company also has dozens of unsecured creditors, with about $3.5 million in additional claims. The largest unsecured creditor is Phoenix-based Summit Builders, owed $1.6 million. The Phoenix Treasurer’s Office is owed $40,000 in delinquent property taxes, and the Maricopa County Treasurer’s Office is owed $12 million, according to the filing. [Note: Read the full article at Owner of midtown Phoenix high-rise files for Chapter 11.]
Posted on August 7, 2009, in Business, Finances, Luxury Housing, Midtown Vitality and tagged Century Plaza, Equus Realty, M&I Bank, Summit Builders Construction Co., Windsor Century Plaza. Bookmark the permalink. Leave a Comment.