The developer behind the 1401 Elm building in downtown has a new bridge loan to be thankful for this Thanksgiving season.
After defaulting on a previous $55 million loan and having the project posted for foreclosure last week, Drever Capital Management has secured a $66.7 million loan from Starwood Property Trust. The project, now called The Drever, has escaped foreclosure and will no longer be sold at auction on Dec. 5.
By definition, a bridge loan is a short-term fix for the redevelopment of the 52-story skyscraper that is being turned into a mixed-use project. Drever Capital did not respond to questions about long-term financing for the project, and did not share the term length of this Starwood loan.
“We’re eager to move forward with the remainder of the project’s permanent financing,” says Drever Capital asset manager Jerry Tonn, in a statement.
A statement from the developer also said the project has qualified for $95 million in historic tax credits. The Drever still plans to be completed in 2019.