The Arizona Daily Star recently reported that Pomegranate Development LLC, a local developer with projects throughout the Tucson area has recently been notified of the impending foreclosure of several properties connected to those projects.

The three sets of Pomegranate Development LLC properties that have gone into default are apparently owned by a man and woman who are experiencing some financial difficulties. Sources said that the woman disputes her ownership of one of the properties, and that the man filed for Chapter 7 bankruptcy protection in December. In that proceeding, he reportedly listed less than $50,000 in assets and between $100 million and $500 million in liabilities.

In one residential project, 42 lots near East Old Spanish Trail and South Camino Loma Alta have recently gone into default. The borrower on those properties, Sonoran Ranch Estates III LLC, is in behind on a loan with an original principal of $4,365 million. Those properties are scheduled for an auction on July 11. Sources said the beneficiary on the mortgage is Casas Reales First Mortgage LLC, out of Phoenix. That property is set for auction at Pima County Courthouse on July 11.

Arizona Corporation Commission documents list a man and a woman as members of Sonoran Ranch Estates III LLC, though the woman said she transferred here interests in those Sonoran Ranch properties to the man two years ago.

Sonoran Ranch Estates III LLC also went into foreclosure on another set of parcels north of East Los Reales Road off I-10. Casas Reales First Mortgage is also the beneficiary on that $3.7 million loan, and the property is set for auction on July 19 at the County Courthouse.

The same man and woman involved with the foreclosed Sonoran Ranch properties are also listed as members of Jacaranda Homes at Broadway LLC. Sources said that company has gone into default on a $985,000 loan connected to a 32-unit project on East Broadway near Harrison Road. Records list the beneficiary on the mortgage as 45 N. Brown First Mortgage LLC of Phoenix. That property is set for auction on July 11.

Sources didn't indicate the reason for the financial difficulties connected to the properties. One can only assume that business has been rough-going in the present economy.

Source: Arizona Daily Star, "Developer hit with foreclosure notices," Dale Quinn, 28 April 2011.