High-profile Scottsdale site sold to Dallas apartment developer for $13.8M

Another property that was collateral for a Mortgages Ltd. Mortgages Ltd. Latest from The Business Journals Popular 44th & Camelback site in Phoenix facing foreclosureScottsdale site sold to Dallas apartment developerML Manager wins million in judgments Follow this company loan sold today for almost $13.8 million. The 9.7-acre parcel of land, originally called Portales Place, is located north of Scottsdale Fashion Square along Highland Avenue. It was slated to be a pricey condominium project by the now defunct Grace Communities. Some site work had been done, but not much. Now JLB Partners of Dallas will build 369 luxury apartments, according to Mark Winkleman, chief operating officer of ML Manager LLC, the company that was created in Chapter 11 bankruptcy to manage the loan portfolio for Phoenix-based Mortgages Ltd. At one time, Mortgages Ltd. had been one of the largest commercial lenders in the state before it fell into financial ruin in June 2008. “We’re extremely pleased to consummate this sale,” Winkleman said.

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