DALLAS—Having lost major tenants like Blockbuster and Winstead P.C., there may now be some good news associated with Renaissance Tower. A loan modification of the 56-story building's commercial mortgage-backed securities debt may already be easing pressure on the downtown building, says the Dallas Business Journal.
The loan modification plans include a $12 million capital infusion by the property owner, Moinian, as well as a $7 million principal payment on the $127 million in debt, the Journal said. The loan modification cancels out a $15 million B note.
The property value for Renaissance Tower has declined over the past several years, from $161 million in 2006 to $47 million last year, and currently it is just 50% occupied.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
