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Mega-Entrepreneur Jay-Z Affected by Credit Crunch
By Stephen Mueller on 2008-12-30 11:30:37
You know we are in a recession when uber-wealthy moguls like Jay-Z cannot secure investment necessary to pursue their ventures. It appears that Rapper, Media-Mogul, Producer, Entrepreneur Jay-Z has been unable to secure $370 million in loans which are needed to develop three hotels.Jay-Z's hotel venture includes three hotels and the "J Hotel" which will be built on the lot of an old Time Warner Cable warehouse.
As is true in the entertainment industry, the show must go on though. It appears that Jay-Z and developer partner Charles Blaichman will reapply for loans over the next year, hopefully landing enough bridge loans to restart development.
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