ML Managers takes over Ten Wine Lofts, Hotel Monroe

ML Managers LLC has taken possession of the Hotel Monroe in downtown Phoenix and Ten Wine Lofts in Scottsdale, both busted projects that the now defunct Grace Communities had partially developed. The announcement was made Friday by Mark Winkleman, chief operating officer of ML Managers, the firm created to administer commercial real estate loans made by Mortgages Ltd. That company was forced into Chapter 11 reorganization bankruptcy after its sole shareholder, Scott Coles, committed suicide in June 2008. Mortgages Ltd. had been one of the largest lenders in the state for construction and land acquisition loans since the mid-2000s. Winkleman said Ten Wine Lofts, a luxury condominium project near Scottsdale and Osborn roads in Old Town Scottsdale, is being aggressively marketed by Mark Forrester, a partner at Hendricks & Partners.

Click here to view this article from its source.