The lender for the $2 billion Ritz-Carlton Paradise Valley and The Palmeraie residential development has made plans to foreclose on the property amid a tense legal battle.
The lender, an entity affiliated with New York-based private equity company Madison Realty Capital, filed a notice of trustee’s sale on Aug. 4. A public auction is set for Nov. 12 at the Maricopa County Superior Court Building in downtown Phoenix, according to county documents.
The foreclosure sale marks the latest escalation in a dispute that also includes a lawsuit filed earlier this year by the project’s developer, Scottsdale-based Five Star Development, against Madison Realty Capital and its group of lenders. A key deadline in that case is approaching later this month.
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