The Drever Secures New Financing
The Drever closed on a $66.7M bridge loan with Starwood Property Trust, the largest commercial mortgage real estate investment trust in the United States.
JLL Managing Director of Capital Markets Robert Kline placed the bridge loan with Starwood Property Trust. This will replace the former lender, according to a press release by Drever Capital Management. The Drever, at 1401 Elm St., has also qualified for $95M in historic tax credits. It remains on schedule with an expected delivery of 2019, according to the release.
The 1.5M SF redevelopment has been under the financial gun off and on over the last few years, most recently brushing with the threat of foreclosure when it defaulted on a $55M loan from GCP Income Opportunities earlier in November.
“We are eager to move forward with the remainder of the project’s permanent financing. Construction has continued, and we are looking forward to delivering this project to Dallas in 2019,” Drever Capital Management Asset Manager Jerry Tonn said in a statement.