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$75M Agreement Reaches Bankruptcy Court's Bench

TEMPE, AZ-Avenue Communities, developer of Centerpoint Condominiums, and bankrupt Mortgages Ltd. sign a settlement that, if the court approves, will allow the project to proceed.

By Amy Wolff Sorter | Updated on August 21, 2008

TEMPE, AZ-After being caught without financing for Centerpoint Condominiums, the developer and its former mortgage company have reached a $75-million settlement. The financing, which includes $4.8 million from Mortgages Ltd., is contingent upon bankruptcy court’s approval.

The court has set an emergency hearing for Monday. Avenue Communities LLC is one of several developers in the area left without financing when Mortgages Ltd. declared bankruptcy earlier this summer. The Phoenix-based lender was known for funding non-traditional projects.

According to published reports, Mortgages Ltd. has not made any new loans nor accepted new investors since the death of CEO Scott Coles in early June. A new management staff is now in place.

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