Luxury-condo project in Scottsdale sold to New Jersey firm

A stalled luxury-condo project funded by investors in the now-defunct Mortgages Ltd. has been sold to a New Jersey-based real-estate firm for $19.5 million, a broker involved in the deal said Monday. The project, called Ten Wine Lofts, is an 82-unit, multifamily residential complex near Scottsdale and Osborne roads in Scottsdale that was about 95 percent completed when construction was halted in 2008. The seller was ML Manager LLC, the company created by Mortgages Ltd. investors after the Scottsdale-based commercial lender's June 2008 bankruptcy to dispose of remaining real-estate assets. Ten Wine Lofts' buyer was Connell Real Estate & Development Co., of Berkeley Heights, N.J., which intends to complete construction on the project and then rent out the units as apartments, according to Phoenix-based real-estate broker Ric Holway, of commercial real-estate firm Hendricks & Partners, which represented both buyer and seller.

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