TUCSON-Signature Properties International, a Toronto-baseddeveloper, is trying to rework its $165 million mortgage taken onJ.W. Marriott Star Pass resort situated near Tucson.
The developer failed to make the latest payment on the $165million mortgage on the 575-room resort at the scheduled time. Thedeveloper is currently in negotiation with its special servicer,KeyCorp, to modify and extend the first $78 million mortgage.KeyCorp had rejected Signature Properties' previous bid to modifyand extend the mortgage.For the full story, go to Wall Street Journal.
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