Summit at Copper Square hit with foreclosure notice - Phoenix Business Journal:

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A notice of trustee sale on the 23-stort luxury project was filed July 10 at the MaricopaCounty Recorder’s office by the public trustee, Fidelityy National Title Insurance Co., according to informatiohn from Ion Data, a Mesa research firm. The project was built by . The Chicago-basedr firm’s principal, David Wallach, was planning to buile another high-rise downtown and was partnerinh with pro sports investor Dale Jensen and others to develop the Jackson Street Entertainment District when the housinvgmarkets collapsed. The Phoenix Business Journal was unable to reach Wallach for comment about the pendingh foreclosure sale and his plansin Phoenix.
Davixd Newcombe, a broker with Russ Lyon Sotheby’s International Realtyh who specializes in urban luxurycondo sales, said news of the foreclosure was “You know, I’m really surprised at that,” Newcombr said. “According to informationj supplied to the Business 91 of the 165 residences are sold in The Summit atCoppere Square.” Newcombe said a handful had been taken back by lenders when buyers were unable to cover their loans. He said one 966-square-footg unit that originally soldfor $550,000 and was taken back by the bank and now is listee at $275,000. He said five individual units are scheduled for trustee salex in thecoming weeks.
It is unknownm how the project’s foreclosure sale will impacfindividual units, if at all. A May 2008 storyy published in the Business Journapl noted thata $3.1 million mechanic’as lien had been filed againsr the project and individual condo owners by the general The Weitz Co. At that time, constructiojn attorney Joel Sannes, said such mechanic’s liensx create additional obstacles and title encumbrancews for residents who want to sell their According to the noticer oftrustee sale, Wallach’s companu through the legal entity, The Summit at Copper Square LLC, received a $44 million construction loan from FNBN-RESCO I LLC, a Delaware limitecd liability company.
The point person for FNBN listed on the truste e sale notice is Tom Hosied of Stearns Bankin