Connell Real Estate buying Ten Wine Lofts for $19.5M

Ten Wine Lofts, an unfinished luxury condo development in Scottsdale, will have a new owner. Connell Real Estate & Development of Berkeley Heights, N.J., has agreed to pay $19.5 million — about 50 percent of the amount of the original construction loan. The deal is scheduled to close on or around Oct. 15, according to Mark Winkleman, chief operating officer of ML Manager LLC, which is handling the deal. The project has been sitting empty for more than two years on Osborn Road just west of Scottsdale Road. It was developed by the now-defunct Grace Communities with a $40 million loan obtained from local commercial lender Mortgages Ltd. Mortgages Ltd. was renamed ML Manager upon emerging from Chapter 11 bankruptcy reorganization last year.

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