Amphitheater developer used El Paso property to secure $20 million loan for another Texas project
The arrangement raises questions about Venu’s ability to finance its ambitious construction plans across multiple projects in different states. Venu Holding Corp., a Colorado-based entertainment company developing the Sunset Amphitheater at the former Cohen Stadium site in Northeast El Paso, used land acquired from the city as collateral for a $20 million loan from Ryan LLC, a Texas-based tax consulting firm and business partner of the company. The 90-day loan carried an 18% annual interest rate. Venu pledged properties and other assets connected to several projects, including its 20-acre El Paso site. The loan was intended as temporary financing to keep construction in McKinney, Texas, progressing until longer-term funding became available. Since putting the El Paso property up as collateral, Venu has also used a $60 million sale-leaseback transaction involving its McKinney property with STORE Capital, a real estate investment company.
公開済み : 8時間前 沿って Diego Mendoza-Moyers の Business Finance
The company planning to build a 12,500-seat amphitheater in Northeast El Paso used land it acquired from the city as collateral for a $20 million loan to help finance construction of another amphithea... [12509 symbols]
