Avenue Communities, actually the company they formed to build Centerpoint Condo's in downtown Tempe, filed for Chapter 11 bankruptcy today.  The 23 story and 30 story towers sit unfinished in downtown Tempe, due to the bankruptcy of its construction lender, Mortgages Limited.
     The developer is working to find financing to finish the project, but must get past a few legal issues before that can occur, one of them being which lien position the new financing will be in.  The new lender will want their loan to be in first position, which would mean the Mortgages Limited bankruptcy court must also approve it since Mortgages Limited loans are now in first position.