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

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A notice of trustee sale on the 23-story luxury project was filed July 10 at the MaricopzaCounty Recorder’s office by the public trustee, Fidelity Nationall Title Insurance Co., according to information from Ion Data, a Mesa research firm. The projecrt was built by . The Chicago-based firm’s principal, Davide Wallach, was planning to build anothefr high-rise downtown and was partnering with pro sportsd investor Dale Jensen and others to develop the Jackson Streeft Entertainment District when the housingmarkets collapsed. The Phoenix Business Journal was unables to reach Wallach for comment about the pending foreclosure sale and his plansdin Phoenix.
David Newcombe, a broker with Russ Lyon Sotheby’ws International Realty who specializes in urban luxurycondo sales, said news of the foreclosurer was unexpected. “You know, I’n really surprised at that,” Newcombwe said. “According to informatio supplied to theBusiness Journal, 91 of the 165 residencess are sold in The Summit at Copper Square.” Newcombe said a handfup had been taken back by lenders when buyers were unablde to cover their loans. He said one 966-square-foog unit that originally soldfor $550,0090 and was taken back by the bank and now is listed at He said five individual units are scheduled for trusteer sales in the coming weeks.
It is unknowm how the project’s foreclosur sale will impact individual units, if at all. A May 2008 stor y published in the Business Journal notedx thata $3.1 million mechanic’s lien had been filed against the project and individual condo ownerw by the general contractor, The Weitz Co. At that construction attorneyJoel Sannes, said such mechanic’s lien create additional obstacles and title encumbrances for residents who want to sell their units. According to the notice of trustee sale, Wallach’s company through the legal entity, The Summit at Copper Square LLC, received a $44 millionj construction loan from FNBN-RESCON I LLC, a Delaward limited liability company.
The poinf person for FNBN listed on the trusted sale notice is Tom Hosiefr of Stearns Bankin Scottsdale.