Mc Apartments - 2168 Words

Millegan Creek Background: Tom Hayden—March 1994, VP of commercial real estate at Fleet Bank Proposed Loan: $15,715,000 on 390 Unit Apartment in Austin, Texas -new market—new construction concern, new developer -question about sponsors—financial capacity development experience -Lack of a commitment for permanent financing--takeout or permanent loan was how most construction loans are repaid -past 5 years, Fleet + other commercial have lost billions because when construction loans became due, economics of project had decreased and no one was willing to make a permanent mortgage loan sufficient to repay Tom joined Fleet in 1989 after 6 years at another bank -spent the next 3 years working with troubled loans in â€Å"workout†Ã¢â‚¬ ¦show more content†¦of frontage along McNeil Road -level site, no significant subsurface rock—which would create construction issues -50 ft. utility easement divides site—no buildings built on it—some asphalt for traffic -all utilities: electric, water, gas, sewer, telephone, and cable available -would be JPI 3rd apartment development in Austin -JPI began serious investigation of Austin market in 1991—at that time excellent growth in on population and jobs—rents were too low to justify new construction -over next year, JPI did extensive survey for sites that could accommodate 200-300+ units at a density of 17-18 units/acre -JPI purchased 1st site in early 1992 a â€Å"trophy† on a hilltop in SW part of town with great view of downtown Austin -major effort to get site rezoned and permitted—but started construction in February 1993 on 210 unit project -lease up of the first units in development currently underway going well -JPI 2nd property located in North Central—acquired shortly after start of construction of 1st site -construction on this 342 unit property started in September 1993—leasing begin in May 1994 -April 1993, JPI seeking 3rd site in NW because of employment growth in area -apartment complexes in Jollyville Road area performed better than most during mid-80’s downturn -found only 3 good sites leftShow MoreRelated Book Report Angelas Ashes Essay881 Words   |  4 Pages Angela’s Ashes by Frank McCourt A Look at Irish Culture during the Depression Era Frank Mc Court, the author of Angela’s Ashes, was born during the Great Depression. 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