By Angela Gonzales | Phoenix Business Journal
Late last week, Five Star Development closed on three luxury villas in one day at The Ritz-Carlton Residences in Paradise Valley, with several more under contract to close within the next couple of months.
These sales were made possible by a court order in December confirming clean insurable title and full buyer protections for villa sales as the Scottsdale developer works its way through Chapter 11 bankruptcy proceedings. Five Star in late February secured up to $32 million in debtor-in-possession financing to get the $2 billion development back on track.
Brendan Mann, president of The Solvere Group and listing broker for The Ritz-Carlton Residences, said 13 villas have closed since that December court order.
