Avenue Commmunities, the developers of the massive Centerpoint mixed-use project in downtown Tempe are not going to wait any longer for additional financing while its primary lender on the $200 million project while they work their way through Chapter 11 bankruptcy.

Ken Losch, principal of Avenue Communities LLC, said about $24 million in liens have been filed on the project by unpaid subcontractors. Ken said he has numerous lenders who want to help finish Centerpoint, contingent on Avenue Communities working out a settlement with Mortgages Ltd. That likely will require the beleaguered Phoenix commercial real estate lender to subordinate its two existing loans totaling nearly $132 million.

We'll see what happens here. I just had a conversation about this project yesterday with Steve Betts and we both agreed we want to see this project move forward and be completed so they can start selling again and/or temporarily start renting the units. It's a beautiful structure with amazing views and it need to move forward for the sake of Downtown Tempe!

http://www.bizjournals.com/phoenix/stories/2008/08/04/story1.html#1