Vizzda – March 19, 2013 – After plans were approved by Phoenix City Council on November 7th, 2012, Bay Miltenberger–CEO of JLB Partners–has acquired the site planned for The Residences at Camelback. The transaction was a bank sale for $11.8M, with $2.95M down and $9M seller carry debt with Parkway Bank & Trust.
The property being conveyed is located at the southwest corner of 44th Street & Camelback Road in Phoenix, and totals 6.144 acres of the total 9.23 acre project. The site is planned for a 320-unit 4-story apartment complex, a 5-story above grade parking garage, and a ±1.45 net acre open space buffer between the project and the single-family residential neighborhood to the southwest.
The remaining ±3.08 acres of the project is planned to be two separate commercial portions. The northwest commercial site consists of ±1.14 acres on Camelback Road, will have a 2-story building covering 60% of the net lot area, and plans allow up to ten residential units. The southeastern commercial site consists of ±0.71 acres, and will have a 1-story building covering 50% of the net lot area, and plans allows up to seven residential units.
The prior owners started their assembly of the land August 7th,2007 with the purchase of a single office building on the eastern end of the property for $4.5M with $4M new debt with Parkway Bank. With the acquisition of another assembly piece, the prior owners also encumbered the property with a $10.2M junior debt with Mortgages Ltd. More debt with Parkway Bank was secured prior to Parkway giving notice of trustees sale February 2nd, 2012 for a $37M total cross-collateralized debt amount.
Prior notice was cancelled twice before being re-noticed for the last time April 11th, 2012. The subject property reverted to Parkway Bank through trustees auction on December 17th, 2012 for $15.9M credit bid amount. Because the credit bid on the first position loan was less than the amount owed, the $10.2m second position loan with ML Manager (the court-appointed receiver for Mortgages Ltd.) was wiped out.
The prior land assembly consisted of 25,344 sf office in 3-buildings, 14,793 sf retail complex, and twelve single family residential units.
Director of Planning and Municipal Projects