Tempe's Centerpoint towers draw no foreclosure bidders
T he two Centerpoint condominium towers in downtown Tempe failed to sell at a foreclosure auction this morning.
The project, which has been stalled for the past two years, went back to the lender Peoria-based ML Holdings.
ML Holdings is the predecessor to hard-money lender Mortgages Ltd.
Tempe Land Co. was Centerpoint’s developer. It changed its bankruptcy filing from a Chapter 11 reorganization to a Chapter 7 liquidation last September. The move allowed ML Holdings to file to foreclose on Centerpoint.
ML Holdings Chief Operating Officer Mark Winkleman said the minimum bid on Centerpoint was $8 million, but there were no bidders.
Now that …
