[Source: Phoenix Business Journal]
ML Managers LLC has taken possession of the Hotel Monroe in downtown Phoenix and Ten Wine Lofts in Scottsdale, both busted projects that the now defunct Grace Communities had partially developed.
The announcement was made Friday by Mark Winkleman, chief operating officer of ML Managers, the firm created to administer commercial real estate loans made by Mortgages Ltd. That company was forced into Chapter 11 reorganization bankruptcy after its sole shareholder, Scott Coles, committed suicide in June 2008.
Mortgages Ltd. had been one of the largest lenders in the state for construction and land acquisition loans since the mid-2000s.
The Hotel Monroe historic redevelopment project was barely off the ground when the economy tanked in late 2008. Interiors of the property at the southeast corner of Central and Monroe avenues in downtown Phoenix had been stripped in preparation for new construction of a boutique hotel and have remained untouched but exposed to the elements for about two years.
Winkleman said that property will be put on the market shortly.