Daily News for Commercial Real Estate & Business – June 20, 2011

I hope you had a great Father's Day Weekend!

Here are the news articles you might find interesting today for commercial real estate and business:

To view the June 2011 Affordable Housing Finance magazine, click here.

RETAIL PLAZA IN NORTH SCOTTSDALE BEING FORECLOSED . . . $50 MILLION LOAN IN DEFAULT A retail plaza located along the west side of Scottsdale Road and just north of Thunderbird Road in Scottsdale has been noticed for trustee's sale. The 158,309-square-foot center, called East Thunderbird Square North, is collateral on a loan that is in default that has an original principal balance of $50 million. The loan was issued to multiple companies controlled by Gary Dragul of GDA Real Estate Services Inc. in Englewood, Co. and Alan Fox of ACF Property Management Inc. in Studio City, Calif. View article...

BIXBY BRIDGE VENTURE CONTINUES LAND ASSAULT . . . BUYS 419 LOTS Joint venture companies formed by Bixby Bridge Capital LLC in Northbrook, Ill., Dolphin Partners Inc. in Irvine, Calif. and Quantum Capital LLC in Phoenix paid $3.216 million to purchase 419 finished lots in Buckeye and in the town of Maricopa. The Bixby/Dolphin-Quantum venture paid just over $2.216 million ($6,500 per lot) to buy 341 developed home sites within the Tartesso master-planned community located at Indian School Road and Sun Valley Parkway in Buckeye. View article...

Trustee sale of land threatens Solis project A developer of a planned $600 million downtown hotel and condominiums is facing foreclosure on a canal-bank property northeast of Scottsdale and Camelback roads. A trustee sale set for Aug. 31 threatens to derail the Solis Scottsdale project, which was to include a 72-foot hotel and 140 condos on an 11-acre site north of the W Scottsdale Hotel. Mark Madkour, principal of Scottsdale Canal Development LLC, said he has been working for about a year to renegotiate the loan. View article...

Glendale Enterprise Lofts makes life easier for disabled For 15-year-old Ali Razouki simple tasks such as taking a shower and maneuvering about a home can be a major chore. The Glendale High School student has a form of muscular dystrophy that confines him to a wheelchair. But a newly built apartment complex in Glendale aimed at affordability and accessibility is making life a lot easier for Ali and his family. The family of five rents a three-bedroom unit for $708 a month. View article...

2 ASU campuses plan academic villages As soon as David Anaya moved onto Arizona State University's West campus his freshman year, he bought a box of Lucky Charms cereal, sat in his room and ate the entire contents in one sitting. "My mom would never let me have it growing up," he told about 100 people who gathered last week to break ground for a new residence hall on the West campus. View article...

Fed Voices Concern Over Chronic Weakness in Real Estate Markets Ongoing deterioration in real estate markets and rising levels of distressed residential and commercial properties are areas of acute concern for officials at the Federal Reserve. "[R]eal estate conditions have remained weak and adversely affected the performance of many banks," Michael R. Foley, senior associate director of the division of banking supervision and regulation at the Federal Reserve, told lawmakers Thursday. View article...

More Homes Listed and Lingering, Data Show More homes hit the market in May but asking prices dropped, providing further evidence of a disappointing run for the spring sales season. Data from Realtor.com show that the number of homes listed for sale increased by 3.5% in May, the largest monthly increase of the year, to around 2.34 million listings. View article...

Two Banks Closed on June 17 State and federal banking regulators closed two banks on Friday, June 17. These actions raise the year's total number of failed institutions to 61 banks and credit unions that have closed, been acquired or placed into conservatorship. View article...

Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.

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