The Drever Sorts Out Liens, Gets New Financing
The Drever, the Downtown skyscraper undergoing renovation at 1401 Elm St., closed a new financing vehicle with a private investment group on April 5. Missouri City-based GCP Income Opportunities I is listed as the lender on public records.
In early March, Drever Capital Management, the owner of the 50-story tower, said full financing for the project would be secured within 45 days. It is unclear if this financing vehicle with GCP will complete the project’s financing, though Drever chairman Maxwell Drever said the project is well capitalized.
Two liens have also been filed on the project, at least one of which has been waived.
On March 29, Signate Elevators filed a lien against Drever 1401 Elm, Drever Construction and Drever Capital Management. Signate was owed $31,091.90 under contracts with the project’s general contractor, Andres Construction, according to the affidavit. On April 3, Signate filed a waiver showing the lien had been settled in respects and Signate had been paid in full for outstanding debts relating to the project. Signate vice president and lien coordinator Karen Evans declined to comment.
Before BDRC Partners announced it stepped away from The Drever, Sunbelt Rentals filed a lien against the LLC over the project on Jan. 13. In an agreement between Sunbelt and Unity Commercial Solutions, Sunbelt had an unpaid claim of $10,472.53, according to the affidavit. Unity performs masonry and other stonework. Sunbelt Rentals lien coordinator Janice Murray declined to comment further, saying all relevant information is in the affidavit.
It is not clear through public records whether Sunbelt still holds the lien. Drever said all subcontractors are paid.
“All contractors are current and construction continues as planned,” Drever said. “All of the abatement, fire safety and cutting in stairs are either finalized or in progress to meet safety and fire code requirements, and work is paid to date.” The redevelopment is still set to deliver in 2018, Drever said.
It is not unusual for settlement liens to be dealt with outside of public record. It is rare, but sometimes owners will get subcontractors and general contractors to file a termination of an affidavit, Norton Rose Fulbright partner Jarrett Reed said.