Posted by Bob Ridge on August 27, 2003 at 02:32:46:
We will be selling it when it’s fully leased and seasoned, AND we do want to retain 100% ownership until we sell it. IOW, we don’t want a lender who will require equity in the project while we’re in it or profit participation when we sell it.
The seller is already grudgingly putting a large amount of money into escrow to take care of some environmental remediation. This is a sore point with them (though it shouldn’t be), and we are pretty certain that for this reason they will not cooperate with a seller second. We’d prefer to look for some kind of mezz loan.