Lender drives sale of The DreverLender drives sale of The Dreverhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=184132017-11-27T06:00:00Z2017-11-27T22:35:00Z

​​​Rendering 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 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.​

Dallas Morning News
Dallas-Fort Worth-Arlington

Click here to check out more DFW Mixed-Use stories.​

Read the full article at the {Source}

 Search NewsTalk Texas