lakewoodhobo wrote:Lender behind $380M project in downtown Dallas says developer has 'defaulted' on loan
https://www.bizjournals.com/dallas/news ... -says.html
I can't get passed the paywall, but the headline says it all.
muncien wrote:Looking for a silver lining here... Perhaps this could open the door for converting some of these dwelling to Owner Occupied instead of all rentals. That is certainly one way to raise cash, and in the current Real Estate market, they should go gang busters. Hell, I'd buy one tomorrow...
mdg109 wrote:Does it matter that their Instagram account just posted today with work continuing to be done and sounding optimistic?
trueicon wrote:Turns Out, The Drever has Been Posted for Foreclosure
cowboyeagle05 wrote:I would say that too if I was running PR for The Drever.
Developers redoing one of downtown Dallas' biggest skyscrapers have gotten $66.7 million in funding that removes the threat of foreclosure of the high-rise.
Drever Capital Management this week secured a bridge loan from Starwood Property Trust, the New England-based firm that's the country's largest commercial mortgage real estate investment trust.
The money will be used to continue redevelopment of the 52-story former First National Bank tower on Elm Street.
lakewoodhobo wrote:But we buried the lede in the DMN story.There will also be a 12,000-square-foot food hall.
trueicon wrote:It's troubling that the Drever keeps selling off (monetizing) the tax and other grants they get. I don't know enough about how that stuff works, but I don't see how that would be better in the long term than simply holding on to the tax incentives and grants they receive. Color me skeptical, but I hope for the best.
cowboyeagle05 wrote:Are you sure they are reinstalling? They didn't finish taking it off the podium yet before the last round of funding issues.
Cord1936 wrote:By Teresa Gubbins, Dallas CultureMap, Nov. 28, 2017 | 12:14 pm
[...] the Parthenon, which itself very possibly may have also had some financing woes during its construction, and nobody talks about that now.
[...] making these minor foreclosure concerns seem so utterly trivial.
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