by Catherine Reagor – Jan. 4, 2010 02:58 PM
The Arizona Republic
CityNorth’s lender has filed to foreclose on the first phase of the high-profile development in north Phoenix.
The first phase of the development at 56th Street and the Loop 101, known as High Street, includes retail, apartments and office space. Plans call for more development on the project’s 144 acres.
A foreclosure auction date has been set for March 31, according to documents filed on Dec. 30th with the Maricopa County Recorders Office.
The amount owed Chicago-based lender Capmark Finance on the property is $290.47 million, making it one of Arizona’s largest single commercial foreclosures.
Related Cos. and Klutznick Co. are developing CityNorth. Phoenix law firm Quarles & Brady is the trustee handling the foreclosure auction.
Capmark, formerly known as GMAC Commercial, was one of the nation’s biggest lenders before filing for bankruptcy last fall.
CityNorth opened in November 2008 right after the nation fell into a recession. Since then, several big retailers have pulled out or delayed opening in the project.
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