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| July 23, 2010
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| MIXED-USE SITE OWNED BY BIDWILL ENTITY NEAR CARDINALS VENUE TARGETED FOR FORECLOSURE
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| Glendale – A property in Glendale owned by a company formed by Arizona Cardinals owner Bill Bidwill that was once planned for 4.4 million sq. ft. of office, residential, retail and hotel uses has been noticed for a trustee’s sale. The 77-acre parcel, located just west and south of University of Phoenix Stadium, is collateral on a loan with an original principal balance of $46.263 million that is in default. Sources say the amount actually due now is roughly $28 million. The loan was issued to Bethany Land Partners LLC, a company formed by Bidwill. According to Ion Data, a Mesa-based provider of real estate information, the beneficiary on the loan is W&D Balanced Real Estate Fund I Cayman I Ltd., a Cayman Islands exempted company formerly known as MRC Balanced Real Estate Fund I Cayman I Ltd. The fund is controlled by Walker & Dunlop LLC, a real estate financial services company based in Bethesda, Md. Western Regional Foreclosures LLC in Phoenix is the trustee on the sale, which is set for October 13. No comment coming from Bidwill representatives. In June 2007, BREW reported the company formed by Bidwill paying roughly $54.45 million to buy the mixed-use site. The tract is at the southeast corner of Loop 101 and Bethany Home Road. Michael Bidwill, chief counsel and v.p. of the Arizona Cardinals, previously said the project will have 2.7 million sq. ft. of office space, more than 500 residential units, three hotels and an outdoor retail complex featuring a farmer’s market. Michael Bidwill said preliminary plans included developing a portion of the site with joint venture partners and selling parcels. Construction was expected to start at this time last year. The project, which is called cbd101, stalled with the downturn in the real estate market. With all of the empty office space, glut of available housing and weak hospitality market in the Phoenix area, it is likely to be several years before there is a demand for that magnitude of development. Find out more from Michael Bidwill at (602) 379-0101. Susan Bouchard, designated broker for Western Regional Foreclosures, is at (623) 581-3262. Aaron Perlis is the contact at Walker & Dunlop . . . (301) 215-5500. Zach Bowers of Ion Data is at (480) 831-6677, ext. 15. |
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