Website Offers Insight Into Baker Hotel Restoration
Tuesday, September 23, 2014
by Todd Glasscock
Mineral Wells Index
The Baker Restoration Team says it is very optimistic about pulling the project's financing components together, and in the meanwhile has launched a website to allow the public to follow its progress and get informed and involved.
"With such a complicated financial structure," he said in an email, "making sure all of the capital is in line and all of the financial sources work together is a challenging task. We recently received a commitment for $20 million in debt financing as a second lien position (mezzanine debt).
"We are currently working on securing the final $10 million of senior debt. We continue to remain optimistic about securing the necessary funds to complete the project but we are realistic in recognizing that finding the right partner is more than likely not going to be a traditional lending source."
"The main purpose of the site [www.TheBakerHotel.com] is to provide a conduit for information sharing," said Patton. "As a development group, we are communicating the vision and of the redevelopment through the site."