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Mortgages Ltd. settles with 7 developers in Phoenix, elsewhere

[Source: Arizona Republic from U.S. Bankruptcy Court records] — Bankrupt construction lender Mortgages Ltd. has reached settlements with seven developers that account for more than one-half the company’s $925 million loan portfolio.  Under the agreements, Mortgages Ltd. will subordinate investor interest, find additional capital for certain borrowers, and reduce interest rates for others.  The borrowers agree to drop pending lawsuits against the company.

  • SOJAC I LLC — Proposed Jackson Street Entertainment District in downtown Phoenix.
  • MK Custom Residential Construction LLC — Various condo projects in central Phoenix.
  • Grace Communities — Hotel Monroe in downtown Phoenix, X Wine Lofts in Scottsdale, and others.
  • University & Ash LLC, Roosevelt Gateway LLC, Roosevelt Gateway II LLC — Various proposed condo developments in Phoenix and Tempe.
  • Rightpath Ltd. Development Group LLC — Main Street Glendale near University of Phoenix Stadium.
  • Avenue Communities LLC — Centerpoint Condominiums in Tempe
  • Bisontown LLC — Residential communities.