By Angela Gonzales | Phoenix Business Journal
Scottsdale-based Five Star Development is one step closer to emerging from Chapter 11 bankruptcy protection as it works to get an ambitious $2 billion project back on track.
Five Star and its lender Madison Realty Capital have agreed on a term sheet, which was approved by a bankruptcy court judge June 30, that will provide the liquidity necessary for the debtors to continue pursuing restructuring efforts for The Ritz-Carlton Paradise Valley at The Palmeraie — a $2 billion luxury mixed-use project Five Star is developing near Lincoln Drive and Scottsdale Road in Paradise Valley.
