Nov 27, 2017
Lender drives sale of The Drever
DALLAS – The skyscraper project—called The Drever—is the largest-ever redevelopment in downtown.The high-rise, located at 1401 Elm St., is being converted into a mixed-use project valued at more than $350...
DALLAS – The skyscraper project—called The Drever—is the largest-ever redevelopment in downtown.
The high-rise, located at 1401 Elm St., is being converted into a mixed-use project valued at more than $350 million.
One of the lenders in the Dallas development project is moving to force a sale of the property.
GCP Income Opportunities I LLC says that in April 2017 it loaned $55 million toward the redevelopment of the 52-story former First National Bank tower.
The Texas lender, which provided debt for the deal, had declared the project in default and is seeking a sale to repay the loan, according to filings with Dallas County.
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