Scottsdale Plaza Resort Noticed on $65 Million CMBS Loan

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The 404-room Scottsdale Plaza Resort located at the northwest corner of Scottsdale and Indian Bend Roads was noticed for trustee sale Thursday. The note was originally valued at $65 million when it was recorded in 2006 with Canadian Imperial Bank of Commerce. It was securitized that same year, and in 2015 beneficial interest was assigned to special servicer LNR Partners.

The Scottsdale Plaza Resort stands on 37 acres and consists of sixty-two buildings totaling nearly 360,000 square feet. It includes a restaurant, health club, racquetball club, retail component, and five pools.

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Strip Retail Center Near Fiesta Mall Noticed for Trustee Sale

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The 71,500 square foot Mercado Fiesta strip retail center was noticed for trustee sale Monday on a securitized $11.4 million note. This debt originated in 2005 with Morgan Stanley Mortgage Capital, with 5.15% interest and a balloon balance of $9,437,242. It was securitized later in 2005 (CMBS).

Located directly northwest of Fiesta Mall, the Mercado Fiesta Center consists of four single story buildings with tenants such as "Starbucks" and "Regency Beauty Institute". The auction is scheduled for noon on December 28th at the main entrance of the Superior Court building in Phoenix. Michelle Ghidotti Gonsalves of Beacon Default Management serves as trustee.

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Two Industrial Properties Noticed on $27.8 Million in Debt

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Two buildings of the University of Phoenix Riverpoint project were noticed for trustees sale on Friday. Riverpoint Buildings I & IV total nearly 191,000 square feet in one and two-story buildings built in 2002, and were once 100% leased to University of Phoenix with leases expiring in mid-2014. Per a press release from January 2014, Cassidy Turley was seeking tenants for the property on behalf of Spirit Realty Corporation.

The subject loan is dated 2005 with an original amount of $27.8 million and Spirit Realty Capital as trustor. The loan was securitized in 2005 and is now care of US Bank as trustee, with Midland Loan Services and LNR Partners as special servicers. The loan was modified to $30.3 million in July of 2005.

For more information on this property including complete history and buyer/seller contacts, visit us at our website or send us an email. We're happy to hear from you!