Effort aims to keep Mesa golf resort off foreclosure block

Executives of Mesa's only golf resort and conference center are battling to keep the sprawling hospitality retreat off the foreclosure auction block. "We're negotiating with the lender to try to restructure the note," said Izhak Benshabat, managing partner of the Arizona Golf Resort's ownership organization. "The hospitality market is crashing all over the state. But the future of this area is going to boom again, and we're doing everything we can to hold on to the property." The resort's financial struggles come from its $19.2 million debt to LNR Partners Inc., a Miami, Fla.-based mortgage real estate investment trust that is seeking to foreclose the property.

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