First National Bank Tower Redo Attracts New Lender

Drever Capital Management, which is redeveloping the 52-story First National Bank tower in downtown Dallas, secured a new lender for the mixed-use project. Cienda Partners, also in Dallas, is providing financing for the project, which is being called The Drever.

The developer is spending $430 million to convert the 1.5 million-square-foot office property into apartments, hotel rooms and retail space. It is the largest such redevelopment to take place in the CBD. Drever Capital acquired the 53-year-old landmark tower at 1401 Elm St. out of bankruptcy in 2016, but hit a slight bump in the road in the redevelopment process, due to financing issues.

Cienda Partners is one part of the capital stack. Drever Capital secured $100 million in historic tax credits for the project, as well.

For comments, questions or concerns, please contact Amy Sorter