Pensus Group Defaults on $32M Loan

PHOENIX-The owner of Park Central has defaulted on a $32.5-million loan obtained by nearly 330,000 square feet of the 700,000-square-foot development in Phoenix

By GlobeSt News Hub | January 31, 2012 at 01:01 AM

PHOENIX-The owner of Park Central has defaulted on a $32.5-million loan obtained by nearly 330,000 square feet of the 700,000-square-foot development in Phoenix. The Pensus Group bought the shopping mall, located at Earll Drive and Central Avenue, in 1996 and transformed it from a retail project into an office-oriented property.

Pensus has time till April 19 to reach an agreement with Miami Beach-based LNR Partners LLC, the special servicer. For the full story, go to Phoenix Business Journal .

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