Summit at Copper Square to be sold

Numerous high-end luxury condos that have sat vacant for the past two years finally are seeing some life with new owners and lower sales prices. Now comes word on the street that the first downtown Phoenix high rise that was finished before the 2008 real estate collapse is within days of being sold. The Summit at Copper Square, which overlooks Chase Field, reportedly is in escrow with a closing set for Dec. 8 or 9, according to sources who didn’t want to be identified. The seller is Stearns Bank NA, which is headquartered in Minnesota but has Arizona operations based in Scottsdale. Stearns took ownership in a foreclosure action when developer W Developments LLC was unable to pay back the construction loan, which was originated by First National Bank of Arizona. Stearns eventually acquired the loan portfolio of First National Bank of Arizona when the FDIC moved in to close down that troubled bank in February 2009. Numerous multifamily experts in the Valley either don’t know or won’t disclose who is buying The Summit, which has about 75 of 165 units unsold.

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