One of seven lenders balked at the deal, prompting Prime Group to make changes in its loan to finance construction of the $355-million Dearborn Center project under construction in the Central Loop.
"As I have stated before, the closing of this transaction, in conjunction with the recently completed sale of non-core assets, satisfies Prime Group Realty Trust's short-term liquidity needs," says co-president and chief financial officer Louis Conforti in a statement.
Security Capital could have called in its preferred debt. Prime Group had less than $7 million cash on hand at the end of the first quarter, less than half what Dearborn Center lenders required.
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