7 News Belize

Renaissance, Nearly A Slip Between Cup And Lip After Foreign Investor Backed Out
posted (April 4, 2017)
On Friday the news went far and wide that the Renaissance Tower in Belize City had been auctioned for 4.75 million dollars. But, 7News has learned that there were a few slips between cup and lip, as they say, and the deal that was to be, almost never came through.

That's because the original partnership that had teamed up to make the purchase, fell through when the foreign investor - an Iranian/Canadian who had promised major financing backed out at the last minute. That left the new owners, the Arguelles brothers and Pierre Bou-Nahra holding a very expensive bag. They had to come up with 10% of their bid, about half a million dollars by yesterday. We understand they did so today, and the deal is now considered sealed. However without their original partner providing major financing, the group will now have to find financing for what sources tell us is about 2.75 million dollars. The building has close to 30 units.

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