Major midtown Phoenix condo project forced into receivership

[Source: Brahm Resnik, 12 News] — The new Century Plaza condos in uptown Phoenix, one of several projects suffering in the Valley’s real estate bust, has been placed in receivership.  M&I (Marshall & Ilsley) Bank filed a lawsuit in Maricopa County Superior Court saying owner Equus Realty was in default on its loan.  M&I attorney Scott Klundt says a receiver has now been appointed.  The receiver will oversee operations of the project, such as paying the bills, but Equus Realty will retain ownership.  Doug Edgelow, member manager of Windsor Century Plaza, part of Equus Realty, said M&I’s action was “precipitous and unjustified.”  “The bank’s actions are best understood as a global attempt to manage exposure to loans in Arizona,” Edgelow said, adding, “they have not started any foreclosures.”

The 17-story condo tower at N. Central and E. Lexington Aves. is a converted 15-story office building.  Edgelow says the building is completed but just 14 of the 145 units are sold.  The receivership should not affect residents, he said.  “There’s no indication any work will stop on the building.”  [Note: To read the full article, click here.  Photo source: Sharon]

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