Scottsdale – A company formed by The Reliant Group in San Francisco, Calif. (Joseph Sherman, pres.) paid $30 million ($176,471 per unit) to acquire a 170-unit senior housing project in Scottsdale called Arté. The seller was Arte Senior Living LLC, a company formed by Avenir Group of Cos. in Vancouver, B.C., Canada (David “Les” Craik , pres.). The three-story complex, at the northeast corner of 114th Street and Via Linda, opened year-end 2009. Public records show CAP VII – Scottsdale LLC (fund managed by Reliant) acquired the upscale housing community with a $23.31 million loan from BOKF (dba Bank of Arizona). In April 2012, BREW reported the developer of Arté facing a trustee’s sale after defaulting on a loan of $36.25 million that was owed to SMA Portfolio Owner LLC, a company formed by Square Mile Capital Management LLC in New York City, N.Y. The owner of Arté filed for bankruptcy protection and staved off foreclosure. Continue reading:
View Larger Map
As reported in:
