| Abstrakt: |
The article reports that big real estate developers in Texas, hurt by fall in property values and ill-conceived projects, are trying hard to improve their financial standing. The largest commercial real estate outfit Trammell Crow Co. is asking the Equitable Real Estate Investment Management Inc., an arm of Equitable Life Assurance Society of the U.S., to refinance 100 of its properties in the Southwest with $600 million in loans. Interest rates will be about 9.5 per cent, two percentage points below previous loans. The refinancing is one of the largest ever and represents one-eighth of the financial restructuring Tramell Crow is negotiating during the present year. |
