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W Hotel still on schedule with new financing from Nevada bank
Tuesday, November 24, 2009 by Austin Monitor
The construction of the W Hotel and Residences across the street from City Hall is proceeding on schedule, according to Stratus Properties’ CEO Beau Armstrong, with phase one set for completion in December 2010.
Stratus, the real estate and development company behind the $300 million mixed-use hotel, condo and retail project downtown, ran into trouble with the project in September when its bank, Chicago-based Corus Bank NA, failed.
But last month Stratus and its partner, the Canyon-Johnson Urban Funds, announced it had found replacement financing through Beal Bank
“I can’t think of another instance where a project that was under construction, lost its funding and found new financing in the recent financial crisis,” Armstrong said. “I think it’s a real reflection not only on the project but also on
The refinancing leaves about $52 million for Stratus and Canyon-Johnson to come up with on their own by spring 2010. Armstrong says between Stratus and Canyon they are able to fund that amount, “but we have been in the market looking to sell some preferred equity to somebody.”
Phase one of the project includes the hotel and a live music venue and studio for KLRU-TV’s
“There’s this misconception that there’s this huge glut of condos in
The W Hotel and Residences, a 37-floor building at
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