DC Ranch developer defaults on center loan

Bank of America has asked that a receiver be appointed for the posh Market Street at DC Ranch retail development in north Scottsdale. The center's owner DMD Market Street LLC, an affiliate of high-profile real estate developer DMB Associates Inc., is in default on a $47.5 million loan secured by the 300,000-square-foot center. Bank America and ING Clarion Capital Loan Services LLC are not the lenders but represent holders of mortgage-backed securities into which the original 2005 loan from Archeon Financial LP was carved up. Bank of America and ING Clarion note in court filings that DMB stopped making payments on the loan in October and was notified in January that it was in default.

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