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| March 12, 2010
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| P.B. BELL NOTICED FOR TRUSTEE’S SALES ON TWO VALLEY APARTMENT PROJECTS
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| Avondale/Scottsdale – Two separate ventures formed by P.B. Bell Cos. in Scottsdale (Phil Bell, Chapin Bell, principals) have been noticed for trustee’s sales on apartment communities in Avondale and Scottsdale accounting for 516 units. The two multi-family projects are collateral on $56.45 million in loans issued by Bank of America. The 314-unit Ashton Pointe apartments, located at 12175 W. McDowell Road in Avondale, secures a $32.2 million loan. P.B. Bell developed the project last year in a joint venture with Real Estate Capital Partners in New York City, N.Y. The 202-unit Desert Parks Vista apartments, located at 9393 E. Palo Brea Drive in Scottsdale, is collateral on a $24.25 million loan. P.B. Bell Cos. and NDC Capital Partners in New York City developed Desert Parks Vista in 2005. According to Ion Data, a Mesa-based provider of real estate information, Craig Williams of the Phoenix law firm Snell & Wilmer is the trustee on the pending trustee’s sales. The properties are scheduled to be sold at public auction on June 3. Representatives of P.B. Bell say the ventures are working with Bank of America to resolve the default issues and cancel the foreclosures. Learn more from the Bells at (480) 951-2222. Reach Williams at (602) 382-6000. Talk to Zach Bowers of Ion Data at (480) 831-6677, ext. 15. |
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