Arizona Real Estate Highlights

Posted By Mike Padgett

Aug. 21, 2008

New funding for Tempe condo towers

The developer of Tempe’s tallest building has signed an agreement with a lender that in June filed its Chapter 11 papers in U.S. Bankruptcy Court.

The agreement signed by Avenue Communities LLC, developer of the luxury high rise Centerpoint Condominiums, and Mortgages Ltd. includes a financing package totaling $75 million.

The identity of the new lender will be disclosed late this month. The new loan package may close by late September, said Avenue Communities Principal and Managing Partner Ken Losch.

The new financing agreement will pay for the completion of the two high rise towers and the 23,150-square-foot public plaza. Losch estimated that Centerpoint’s first residents would begin moving into their condos within 60 to 90 days after the close of the new loan agreement. Tower One has 22 floors, and Tower Two has 30. Combined, the two buildings in downtown Tempe have 375 residences ranging in price from the low $300,000s to penthouse condos priced in the millions.

The development includes a 180-seat Italian restaurant, Trattoria M; a market-café called Aroma; a second location for PurVine, a Napa Valley winemaking facility associated with Signorello Vineyards; and the seventh-floor recreational facility that includes two theaters, a pool, a fitness center, and a demonstration kitchen.


Builder supporting education

School districts and teachers in metro Phoenix are receiving special attention from Berkana Homes.

Educators who tour Berkana townhomes can enter the names of their schools in a drawing for a $1,000 donation from the homebuilder. In addition, any teacher who buys a Berkana townhome will receive a $1,000 donation to their school.

The program, which ends Sept. 30, is part of the company’s Community Champions initiative. Berkana Homes has nine planned communities in the Valley. For more information, visit the company’s Web site,

Avondale’s new library

A new city library opening Sept. 15 will serve as the anchor building for Avondale’s Old Town plans.

The new $6.2 million library at 495 E. Western Ave. was designed by SmithGroup and built by Sundt Construction. The 12,500-square-foot building will replace the old library at 328 E. Western Ave. Books will be relocated into the new library in early September.

Tempe warehouse sold

A Tolleson company is the new owner of a Tempe warehouse. Russell Sigler Inc., which provides commercial and residential contractors with equipment, parts and technical support, bought the 27,576-square-foot warehouse at 1976 E. Fifth St. from 5 G’s Realty Co. of Phoenix.

The seller was represented by Andrew Brigham, Bill Bayless, Barry Gabel, Mindy Korth and Mark Dancer of the Phoenix office of CB Richard Ellis. The buyer was represented by Jim McCabe of Realty Executives in Phoenix.

Aug 21st, 2008

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