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The developers of X Phoenix have been notified their 330-unit downtown Phoenix apartment community is headed for a trustee sale after they failed to pay a $128 million loan on the project.
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New York-based Mack Real Estate Group, the lender on the project, have notified XSC Phoenix Investment LLC, the borrower and developer of the apartment community, that the property will be sold at auction at Maricopa County Superior Court on Dec. 10, according to Maricopa County documents.
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This trustee sale is for the first phase of X Phoenix at 200 W. Monroe St., a $100 million development project that represented the Phoenix debut for Chicago developer The X Company.
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Read more of this story from the Business Journal.