By Angela Gonzales | Phoenix Business Journal
Working its way through Chapter 11 bankruptcy protection, the developer of the $2 billion Ritz-Carlton Paradise Valley and The Palmeraie luxury residential development has secured financing to complete construction of its condominium Villas.
Earlier this month, the U.S. Bankruptcy Court for the Southern District of Texas approved up to $32 million of debtor-in-possession financing from BH Capital Ventures LLC. The loan includes approval of up to $24.6 million in cash collateral for Villa construction, allowing work to accelerate and move more homes toward completion and delivery, said a spokeswoman for Scottsdale-based Five Star Development, developer of the 122-acre luxury master-planned community.
