By: Paul Dionne | Vizzda
|Corridors Phoenix, Lots 1 and 5|
Alter has controlled this site going back to December 1999 when it acquired roughly eighty acres from Blue Cross & Blue Shield for $12,189,798 or $152,372 per acre. A 2001 survey of the site arrived at 75.811 acres for the assemblage. Plat for the 60-acre Unit 1 was approved August 30th, 2001, including the subject Lots 1 and 5. Following transfer to a special purpose entity and the issuance of $7.41m in construction debt with Firstar Bank with a two-year maturity. There were several modifications and extensions of the Firstar debt prior to being taken out in 2008 with an $18.25m note with First Midwestern Bank secured by four subject buildings.
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