Foreclosure wave has big impact Tucson on commercial properties

More than 11,000 Tucson-area property owners received notice that they'd fallen behind on loan payments last year, numbers from the Pima County Recorder's Office show.

The bulk of those are residential delinquencies (see related story on Page D7), but the foreclosure wave has had a drastic impact on commercial properties as well. Affected properties run the gamut from luxury lots to master-planned communities to hotels and apartment complexes.

The forces that led to the money crunch are largely the same as those for homeowners: plummeting property values and a lack of financing options.

Take, for example, The Passages of Tucson, a giant mixed-use project planned in Vail, that recently defaulted on $7 million in loans.

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