The largest redevelopment project in Dallas is facing the threat of foreclosure for the third time after defaulting on a $55M loan, a source told Bisnow.
The Drever, a 50-story project valued at $350M, has been rife with financial troubles throughout its life span, changing hands and running through financiers.
Sunbelt Rentals and Signate Elevators filed liens against The Drever between February and March of this year. Signate was owed $31,091.90 and Sunbelt Rentals was owed $10,472.53. On April 5, Drever Capital Management closed a financing deal with GCP Income Opportunities.
Now, GCP Income Opportunities is pressing for a forced sale of the property to repay its investment of $55M.
This does not mean the project at 1401 Elm is done for good.
A Drever spokesperson said new financing is in the works, and that the project will continue despite tenuous times. According to the statement, Drever Capital Management still anticipates completion of construction on schedule in 2019.
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