Please see: Filene's Flowing Credit Stream
Boston's New Ivory Tower
Funny how there is STILL CREDIT for RICHERS, 'eh, Amurk (See: Mitsubishi Buys Morgan Stanley, Goldman Sachs' Government Loot Grab and Bain Buys Lehman Brothers)?
Also see: U.S. Banks Driving Credit Crunch ON PURPOSE!!
And yet, here is the PRO-WEALTHY, PRO-BANK, AGENDA-PUSHING Boston Globe telling LIES AGAIN!!!!
Case fucking closed on those shit bags!!!!!!!!!!!
"Frustration is only thing rising, it seems; Ambitious building projects stalling all over the city as economy worsens" by Casey Ross, Globe Staff | October 4, 2008
The nation's credit crisis has stalled some of Boston's most ambitious building projects, forcing developers to wait out the financial carnage on Wall Street before moving forward with the construction of massive office towers, hotels, and shopping centers.
Pffft!
In neighborhoods across the city, proposed developments that were launched with much fanfare a few years ago are now crawling along or have completely halted. The projects are caught in a confluence of spiraling financial factors: Construction costs are skyrocketing, credit is difficult to get, and investors are increasingly wary of taking on new risks for questionable rewards.
Among the projects affected are Waterside Place, a 1.1-million-square-foot retail, hotel, and residential project on the South Boston Waterfront; Hayward Place, a $200 million proposed condominium development downtown; Columbus Center, an $800 million mixed-use complex over the Massachusetts Turnpike; and a planned South Station development that includes a 40-story tower above the station, a hotel, condominiums, office space, and stores.
Please see: Columbus Center Chutzpah
So, WHO IS NOT RIPPING OFF taxpayers, readers? Anyone?
"Right now we're in the twilight zone of financing, and no one knows what decisions to make," said David Begelfer chief executive of the Massachusetts office of the National Association of Industrial and Office Properties. "Everything is on hold."
Yeah, because the BANKS BLACKMAILED people to get their LOOTING BILL through!!!
See: Banks Blackmail Colleges Over Bailout Bill
Banks Blackmail Businesses Over Bailout Bill
Banks Blackmail Cities Over Bailout Bill
Banks Blackmail States Over Bailout BillMeanwhile, city planners who have approved about $12 billion in new development are trying to determine whether the projects can move forward. Officials worry that the nation's economic troubles will delay broader efforts to revitalize neighborhoods and shopping districts.
Why? The BAILOUT went THROUGH, so WHY should there be any TROUBLE securing financing?
I mean, it is not like the banks are going to hold on to the money, right?
The financial environment has worsened considerably in the past couple of weeks, as bank failures have shaken global markets and virtually shut down lending to businesses and consumers.
And we KNOW WHY!!!!
Developers of large commercial projects are particularly vulnerable to the tumultuous conditions, because their costs are high and they often require a number of lenders and investors to secure adequate financing.
Pffft! I don't want to here about THEIR PROBLEMS, assholes!!!!!
I've got my own, and NO ONE is coming to MY RESCUE!!!!!!!!!!!!
Commercial banking executives said large, complex real estate projects are facing higher borrowing costs and tougher scrutiny from potential lenders. Only projects backed by experienced developers with deep-pocketed investors are likely to qualify for funding, they said.
Yeah, see the LEAD LINKS in this post!!!
John Fowler, partner at the firm Holliday Fenoglio Fowler LP, said the downturn in the real estate market will encourage equity investors to focus more money on buying distressed assets to turn a quick profit, taking a significant source of funds away from new development. --more--"
Oh, America, did YOU EVER GET GANG-RAPED by these WALL STREET LOOTERS and their LYING, COCK-SUCKING HAND PUPPETS of Congress!!!!!
How do you FEEL, America? I say, GO WITH IT!!!!!
