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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