Monday, January 18, 2016

"City North Phase 2" Noticed on over $50 Million in Debt

Area Map

Ninety-three acres of commercial land platted for City North Phase 2 were noticed for trustee sale last week. The trustor - an entity controlled by Gray Development - encumbered the property with the $50,713,000 loan in May 2013 with Ganymede Investments as beneficiary. The land is currently subject to ground lease from the Arizona State Land Department, with an expiration date near the end of the century.

City North Phase 2 is located near the 56th Street exit of the 101, just east of Desert Ridge Marketplace in north Phoenix. The auction is set for mid-April at the offices of the trustee.

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