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Huge retail project in No. Phoenix foreclosed on
Comments 0 | Recommend 0PHOENIX (AP) — The lenders on the CityNorth project's first phase are foreclosing on the project.
Last week, Chicago-based Capmark Finance filed foreclosure papers on the 144-acre development.
The project, known as High Street at 56th Street and the Loop 101, includes several boutique and designer shops, restaurants, upscale apartments and office buildings.
According to a document filed with the Maricopa County Recorder, a foreclosure auction date has been set for March 31.
CityNorth developers Klutznick Co. and Related Cos. owe nearly $300 million to Capmark, formerly known as GMAC Commercial.
Developer John Klutznick said work continues on additional phases of CityNorth, with construction beginning "when financing becomes available."
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