ALBUQUERQUE, N.M. – Local developer Vince Garcia has agreed to a foreclosure by First Financial CU on Copper Square, the downtown Albuquerque building he bought in 2007 with plans of turning the one-time historic hotel into an office condominium building, according to court papers.
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The credit union said in the foreclosure suit that Garcia and his Blue Dot Corp. defaulted on a $7 million construction loan that he received in February 2008.
The loan was to renovate the property, which was being used as offices, and turn it into condominiums.
