It was announced in the Arizona Republic today that the judge in the Mortgages Limited bankruptcy case has approved an agreement between the developer, KML Development, of Mosaic Condominiums and their lender, Mortgages Limited. In the ruling, the judge reduced the principal owed on the amount currently funded by Mortgages Limited by more than half-- from $30.3M to $14.9M. Of greater importance to all Tempe urbanites was the revelation that plans for the Mosaic development site are now focusing on high-end student housing. Developing...
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