Ball Offers Cosmopolitan Update
by October 25, 2011 2:34 pm 75 views
Remember the late-summer announcement about the sale of the 30-year-old Cosmopolitan Hotel in Fayetteville?
It was accompanied with an end-of-September closing date. But the city’s tallest building still has not transferred to its new owners, Ike Thrash and Sam Alley.
Not to worry. Ramsay Ball said the closing is imminent.
“It would be interesting to see the closing document. I bet it’s at least four or five inches thick,” said Ball, the Colliers International commercial real estate agent who brokered the sale.
The deal is complicated because of the tax credits being used by the prospective owners as a major source of the funding. New Markets Tax Credits is a seldom-used federal program administered by the U.S. Treasury Department.
“The people who issue the tax credits want to make sure [the owners] are good stewards of the money,” Ball said. “So far, it has gone through with flying colors.”