Thursday, May 1, 2014

Tempe Marketplace Phase II Re-capitalized and in Pre-planning

By: Paul Dionne |

Phase II of Tempe Marketplace was conveyed between two entities related to Pacific Coach, Inc. and encumbered with $19,477,659 in new debt with the selling entity. Per the Tempe city planner, there are tentative plans to develop the site as an office and hospitality campus. The affidavit of property value accompanying the transfer values the property at $20,471,200 or roughly $510k per acre.
Phase II of Tempe Marketplace
On April 24th, 2014, Tempe City Council approved changes to the development agreement that covers Phases I and II of Tempe Marketplace to, among other things: 
  • remove language allowing for an Improvement District
  • delete the section pertaining to the existing conceptual site plan
  •  provide a new section requiring construction to begin by July 2018
Tempe also indicates that preliminary landscaping and road plans have been submitted for the site. 

Jonathan Levine--son of Pacific Coach founder, Bill Levine--and Thomas LeClair are the sole members of both Tellurian Development Company, the acquiring entity, and Pacific Coach 101/202 Holdings, LLC, the selling entity and lender. They acquired the bulk of the property from the original developer of Tempe Marketplace in 2012 after foreclosing on a $4.6m note originally underwritten by Sir Mortgage Finance in 2007.

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