One Camelback saga: Stakeholders jockey for position as development careens toward auction sale
The One Camelback luxury rental project in the former BMO Bank tower at the corner of North Central Avenue and Camelback Road in Phoenix. GREG BARR / PBJ
One Camelback, a high-profile conversion of an office building to luxury apartments, is in trouble after the developer, Camelback Owner LLC, defaulted on a loan and could be sent to auction. But the project is about 85 percent done, and the receiver working on behalf of the owner wants to delay the Nov. 21 auction date so it can list it for sale. The lender, Delphi Financial Group, is not on board with that plan, and the case was assigned to a commercial court on Oct. 18. Meanwhile, Camelback Owner is also on the hook for millions of dollars in claims from contractors.
Source: https://www.bizjournals.com/phoenix/news/2023/10/30/next-steps-for-one-camelback-dispute.html
