SPARTANBURG- Developers here have taken a large financial step in their effort to build a luxury hotel, conference center, and golf course downtown. City officials said that developers have received a commitment letter from a national lender for between $19 million and $20 million, although the name of the lender was not revealed.
The pledge was needed to show city officials that developers are ready to proceed with plans on the $120 million-plus revitalization initiative known as the Renaissance Project.
Developers now must finish putting the equity in place. Renaissance developers are working to establish between $10 million and $12 million in equity that is needed to assure investors of a return on their investments. (9/7/00)
Source: Herald-Journal, Spartanburg, SC