Fenway Infill and Small Developments

I drove through this area yesterday along the Fenway from WIT to the Landmark Center and now realize that there is a lot going into rehabbing this green space.
 
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Look at the asphalt on the ped island....how the hell is that legal?

Also, what happened to the 2008 circle redesign project?
 
choo said:
weird they repainted the point building when this time next year it will likely be gone.
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I live in Trilogy and my apartment looks out over the point so I ask for updates in my leasing office occaisionally. I was told the Point is tied to the Van Ness somehow; so the Van Ness is delayed from the original schedule and now the Point is delayed. They didn't say how far delayed but next year is very unlikely.

I didn't ask in the leasing office but does anyone recall the third tower that was part of the Van Ness approval, the one planned where Sal's Pizza is now? Samuels sure has a lot planned including Allston and the Mass. Ave project, he probably doesn't even know yet which will get financing. I like all the plans; love Fenway already but it's getting even better.

They did tell me the Landmark is not tied to any other project.

Do I need to contact someone to post photos, message says I don't have permission?
 
stevemus said:
I live in Trilogy and my apartment looks out over the point so I ask for updates in my leasing office occaisionally. I was told the Point is tied to the Van Ness somehow; so the Van Ness is delayed from the original schedule and now the Point is delayed. They didn't say how far delayed but next year is very unlikely.

I didn't ask in the leasing office but does anyone recall the third tower that was part of the Van Ness approval, the one planned where Sal's Pizza is now? Samuels sure has a lot planned including Allston and the Mass. Ave project, he probably doesn't even know yet which will get financing. I like all the plans; love Fenway already but it's getting even better.

They did tell me the Landmark is not tied to any other project.

Do I need to contact someone to post photos, message says I don't have permission?
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I had heard the same thing (maybe it was on this forum?) that they were waiting on Van Ness to finish before starting on the Point.

For pictures, just use the
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I'm pretty sure Sameuls is self-financing at this point. Even if not, I seriously doubt he's getting loans for each individual project. Its more likely he just asks for a boatload of cash to put towards the business.
 
davem said:
I'm pretty sure Sameuls is self-financing at this point. Even if not, I seriously doubt he's getting loans for each individual project. Its more likely he just asks for a boatload of cash to put towards the business.
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Why would he self-finance when he can lever up his projects, decrease his risk and increase his ROE?
 
AmericanFolkLegend said:
Why would he self-finance when he can lever up his projects, decrease his risk and increase his ROE?
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davem said:
I'm pretty sure Sameuls is self-financing at this point. Even if not, I seriously doubt he's getting loans for each individual project. Its more likely he just asks for a boatload of cash to put towards the business.
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I'm sure banks are involved, I just seriously doubt he's getting loans on each individual project. I recently ran the numbers on Trilogy to stress test a financing model I've been working on (for historic rehab feasibility, but the numbers still roughly work). Even with the vacancy lowered due to renting a few floors out to schools, there was still a pretty decent gap in financing. Even with the equity he has in the rest of the portfolio, he's still getting cheaper money than I can see a bank providing on a per-project basis.

This may also account for the relative quality compared to other developers. By lowering risk by taking loans against the business vs financing each individual project, he is likely able to get much more money to put towards quality and amenities. Either way, if my model is even halfway accurate each one of these buildings is a cash cow.

No matter what, my original point in posting that was I doubt the staging of projects is tied to the bank per-se, but to an internal policy to not take on too much debt. I'm relatively new at this, but it's been fascinating me as of late.
 
^Gotcha. Yeah, I agree he's probably getting some financing on a company wide basis (or at least some kind of fund-wide if he's created any funds). Institutional money seems to prefer to finance that way.
 
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Muddy River Reconstruction is still super boring on the visuals...

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16-20 Peterborough:

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Noticed on a walk through the area that the Edgerly Road Playground is under construction. Anyone know if that is a park refurbishment (it really needed one), or if we've got infill coming in here? I'd personally prefer a nicer park-- maybe one that doesn't have such bizarre geography-- but I can understand a development here too.
 
Still kind of pissed that Canestaro is gone, some of the best pizza around
 
And I'm still mourning the loss of Sorento's Italian Gourmet that never returned after the fire in that restaurant block. They had my favorite pizza hands down.
 
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