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Acquisition loan was for $38M, more than the purchase price. The lender's portfolio seems pretty conventional, lots of "acquisition + renovation" or refinance: https://www.acorecapital.com/transactions/
Applying an 80% LTV (which might be generous on a risky transaction) gets to a $47.5M deal, which implies $16M in renovation funds... not the $100+ million it would take to scrape and rebuild. Then again, that kind of deal would take much longer to put together.
Deluded as I may be, I can't get past the Texas Connection. Turnbridge founder with a degree from UT-Austin with development there.
Denali in Dallas.
And, yeah... Tom Dundon's desire for an intown arena, and his office 5 miles from Denali's, and him and The Man at Denali both being SMU alumni.
No. I don't need an intervention. I'm not betting the rent or missing meals over it.
In not terribly surprising news, longtime CTC owner and still-CTC manager CBL Properties is in the news because it's circling the drain.
March ratings downgrade: "Fitch's expectation [is] that an event of default or an exchange/restructuring of existing debt is probable within 12 months." This was after CBL drew down its entire credit line, aka took out the maximum cash advance on its credit card.
And this week, announced it's going to miss bond repayments. That's kinda the corporate equivalent of sending said credit-card bill back with a scrawled insult, rather than a check.
CBL no longer owns either CTC or Triangle Town Center (though in NC, they still own Alamance Crossing, Cross Creek, Friendly Center, Hanes Mall, Mayfaire Town Center, and Asheville Mall). However, it was hired back by CTC's new owners to manage the property, and one could expect that management to further suffer -- as difficult as that may be to imagine.
Update on Cary Towne Center observations from a mall walker:
Nice and cool.
Everything in Food Court is still closed, except the Little Tokyo asian food place.
Coffee place is closed.
Few tables in place, many feet apart. Rest of tables are all roped off.
Belk was by far the busiest of any store that is even open.
Earliest any place is open is 11 AM, per: https://www.shopcarytownecentermall.com/directory
All restrooms are taped off, with exception of one in Food Court and one next to Credit Union.
No restrooms have paper towels; each has the unhealthy air dryers that blow restroom fecal cloud atmosphere all over the place.
Less than a dozen folks total walking between 1-2 PM today. Those that were seniors had masks on.
Our second choice for walking (when its not over 80 degrees!) is Walnut St. park, that has shade, benches, a few tables for a meal, clean restrooms.
Nearby Cookout, D&S Cafeteria are some nice take-out choices!
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