25
Apr
Stalled condo project sold at foreclosure auction, deposits canceled
The stalled H3 Hollywood Condominium project was sold to plaintiff LB Construction at a foreclosure auction on Tuesday.
This was the first condo project in this cycle to go bust after launching construction, canceling all buyer deposits.
Once the title changes hands after a 10-day objection period, the general contractor will take over the project slated for 247 condos and 4,700 square feet of commercial space. However, the $7 million mortgage that the developer signed with Reliance Standard Life…
Source: Arizona Business Journal
