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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.

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About Mark El-Rayes

Mark El-Rayes is an award winning designer and photographer from Beirut, Lebanon. El-Rayes has over 15 years in the design industry, 5 years of which he served as a Mass Communication Specialist in the United States Navy at Naval Air Station North Island, Navy Public Affairs Support Element - West (NPASE). El-Rayes is a full-stack developer, seo specialist, photographer, and artist.

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