7677 East Berry Avenue Associates' $30 million DIP loan approved

By Caroline Salls

Pittsburgh, Oct. 29 - 7677 East Berry Avenue Associates LP received court approval of a $30 million post-bankruptcy construction loan from Hypo Real Estate Capital Corp., according to a Thursday filing with the U.S. Bankruptcy Court for the District of Colorado.

The loan will be used to fund the company's operations while in bankruptcy.

As previously reported, 7677 East Berry requested court approval of a $15 million debtor-in-possession facility from Carmel Landmark, LLC, but Hypo objected to that loan and the company said it ultimately decided to proceed with the Hypo loan.

Interest will be Libor plus 750 basis points.

The loan will mature on the earliest of 18 months from closing, upon a court-approved substantial reorganization and conversion or dismissal of the company's bankruptcy case.

7677 East Berry will pay a $300,000 up-front fee.

7677 East Berry, Everest Holdings, LLC and EDC Denver I, LLC are the owners of the Landmark Residential Condominium tower in Denver. The companies filed for bankruptcy on Aug. 28. The Chapter 11 case number is 09-28000.

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