Tuesday, March 29, 2011
Nissen Building at 100% Capacity; Developer Refinances to Repay City More Quickly
According to an article in the Winston-Salem Journal today, the Nissen Building - the 18-story, Fourth Street landmark - is at 100% capacity. The building's use was changed from commercial to residential 10 years ago by a company formed to undertake the venture, the Nissen Building LLC. The LLC obtained approval from the City Council last night to refinance their loan, approval which was necessary because the Winston-Salem had loaned the company $3 million. Refinancing was to enable the Nissen Building LLC to begin repaying the city in 2013 rather than the original expected date of 2017. Needless to say, the plan was approved.