Apartment developer pays $24M for site of planned 483-unit RiNo complex
Courtesy of Crescent Communities)
A new-to-Denver multifamily developer has acquired land for its first project in the city.
Charlotte-based Crescent Communities and equity partner Dart Interests paid $23.7 million this week for 1300 40th St.
The lot is 117,486 square feet, or 2.7 acres. That makes the deal worth $202 a square foot.
BusinessDen reported in June 2019 that Crescent had submitted a development proposal for the site, which is home to a large industrial building previously leased to New Tech Machinery.
That structure will soon be demolished. Crescent said in a statement that it will break ground this month on its planned 483-unit Novel RiNo apartment complex, which will include a mix of studios and one- and two-bedroom units. Plans call for 15,800 square feet of retail space, including 2,700 square feet intended for a rooftop cocktail lounge.
A new-to-Denver multifamily developer has acquired land for its first project in the city.
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Charlotte-based Crescent Communities and equity partner Dart Interests paid $23.7 million this week for 1300 40th St.
The lot is 117,486 square feet, or 2.7 acres. That makes the deal worth $202 a square foot.
BusinessDen reported in June 2019 that Crescent had submitted a development proposal for the site, which is home to a large industrial building previously leased to New Tech Machinery.
The Straits Times
Singapore retail investors to vote on fate of struggling shipping firm PIL
Under the terms of PIL s restructuring plan, each holder of unsecured notes would pick one of two options.PHOTO: PIL
UpdatedFeb 1, 2021, 10:42 am
PublishedFeb 1, 2021, 7:36 am SGT
https://str.sg/JKCn
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By David Ramli and Ameya Karve (Bloomberg)
Creditors to struggling Singapore shipper Pacific International Lines Pte will vote Monday on a restructuring deal that involves a capital injection from a unit of Temasek Holdings Pte.
It’s an important day for investors who oppose the plan like Singapore businessman Kuah Ann Thia, an unsecured noteholder – the most vulnerable in the bond world. He and other individual investors hold parts of PIL’s S$60 million security ($45 million) that came due in November but which the shipper hasn’t repaid.
Kuah had initially felt relief last year when he heard that the Temasek unit was providing a $600 million package comprising debt and equity to PIL. But he said he became worried when he saw the company’s restructuring plan. Under the so-called scheme of arrangement, it could be at least five years before unsecured noteholders saw actual cash payments, according to presentation materials.
SINGAPORE (Feb 1): Creditors to struggling Singapore shipper Pacific International Lines Pte will vote Monday on a restructuring deal that involves a capital injection from a unit of Temasek Holdings Pte.
It’s an important day for investors who oppose the plan like Singapore businessman Kuah Ann Thia, an unsecured noteholder – the most vulnerable in the bond world. He and other individual investors hold parts of PIL’s S$60 million security ($45 million) that came due in November but which the shipper hasn’t repaid.
Kuah had initially felt relief last year when he heard that the Temasek unit was providing a $600 million package comprising debt and equity to PIL. But he said he became worried when he saw the company’s restructuring plan. Under the so-called scheme of arrangement, it could be at least five years before unsecured noteholders saw actual cash payments, according to presentation materials.