The St Regis Residences (former Whiskey Priest site) | 150 Seaport Blvd | Seaport

beck4537

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This looks like it's coming out even better than the renderings! And it seems like the luxury condo market here is following NY's recent boom in sales with folks returning to the City:

Wouldn't Cronin already have received the loan at the inception of thus project?
 

stefal

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Wouldn't Cronin already have received the loan at the inception of thus project?
I figured that the article was very late to the game, but the lending firm is quoted:

“We are pleased to expand our presence in Boston to deliver an attractive and complex financing solution mid-construction for a significantly pre-sold property to Cronin Development, a developer with over 20 years of experience developing and managing real estate projects in the Boston area.”
Anybody seen this kind of financing before?What have they been using the past 2 years?
 

Vivanna

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Wouldn't Cronin already have received the loan at the inception of thus project?
It's a refinance of the original loan, probably got better terms, and much cheaper now that they have sold like half the units.
 

stoweker

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I figured that the article was very late to the game, but the lending firm is quoted:



Anybody seen this kind of financing before?What have they been using the past 2 years?
I believe it was Bank OZK in the A piece then Mack Credit strategies in the B piece for the original development loan.
 

Rover

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I have heard that the old lender had him by the scruff of his neck last year and tried to sell the debt after cramming the developer down and taking like 4 pounds of flesh from him - there were like 10% of units sold at that time (but who knows what they've done since this went down a year ago on sales). My understanding is that this represents an upsize of the current loan by like $20mm which isn't really a good thing for a condo and my gut is it probably means his terms have eroded if he needed to take out more cash. Still waiting for someone to take me up on the best that this thing goes back to the bank.

Also I think the project looks great - don't get me wrong - and the units will get sold - I just don't think this ends well for the equity investors, but who knows, just one person's opinion.
No offense but your predictions haven't been too accurate lately. Have any of the projects that you said were dead and buried actually halted work since the pandemic began?
 

stoweker

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No offense but your predictions haven't been too accurate lately. Have any of the projects that you said were dead and buried actually halted work since the pandemic began?
The only project I said was dead and buried was Winthrop Square and that Don Peebles thing. Winthrop Square I’m wrong on, sure. Peebles wont build his deal.

This is different - the building will be completed, the sponsor has a construction guarantee and well has to complete the project. It’s what happens afterwards that I’m interested in; I don’t think the developer can sell enough units to not get foreclosed on after delivery. That doesn’t impact the building - it will still be there operating - but my gut is that it gets deflagged as a St Regis within 24 months of opening and that the condos end up getting dumped in a fire sale by the lender. The only building specific thing with this I guess is thatI can’t see the giant restaurant opening but who knows.
 

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