The non-recourse loan enables the borrower, Historic Tramway Tower LLC, time for its tax credits to be fully vested. The financing also allows the property to be fully stabilized before rolling into a 10-year, fixed-rate loan.
The 116-room, 10-story Hotel Teatro includes two restaurants, Kevin Taylor's and Jou-Jou. The hotel is at 1100 14th St. Local developers Jeff Selby and Michael Brenneman opened the hotel in late 1998.
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