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

Okay, I'll bite. You've been silent for a year since joining this forum, only posted 15 times, and now you're all over this one.

What gives?

stoweker said:
doubt it would bring it down much if any of it is for the offsite units; even if it is the last $ basis for lender is still like $2.75-3mm if you figure they're pumping out affordables at $500k/key.

either way implies that the average unit sale cost for this thing has to be like ~4mm+ to hit development profroma. good luck with that one guys, see you at the foreclosure auction.
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stoweker said:
....almost fell off my chair when I saw the financing announcement - it’s the craziest deal I’ve seen in this cycle and I work for the real estate credit group at a hedge fund so I’ve seen some crazy stuff.
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Might we see something similarly eyebrow raising from Chiofaro/Pru team for Central Wharf?
 
stoweker said:
Just bored at work today and almost fell off my chair when I saw the financing announcement - it’s the craziest deal I’ve seen in this cycle and I work for the real estate credit group at a hedge fund so I’ve seen some crazy stuff.
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A friend saw the OM and knows that JPM love the underwriting compared to other deals in this market. Every new luxury building in the last 5 years has been basically sold out before C/O, this one will be the same.
 
stellarfun said:
According to BBJ, construction costs for One Dalton are $413 million, for 712,000 gsf of building.

St. Regis is 208,000 gsf, and the financing for construction is $300+ million.
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According to Bldup and some other sources:

One Dalton - Dollar Volume $750,000,000.00 Square Feet 712,500

St. Regis - Dollar Volume $260,000,000.00, Square Feet 283,700

Seems to make more sense?
 
stellarfun said:
There is this salvation, sometimes.

p. 6
https://inequality.org/wp-content/uploads/2018/09/Towering-Excess-Report-Final.pdf
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If your so worried about income inequality then raise interest rates and crash the market so the general workers that service America get their everyday goods and services much cheaper.

We need more highrises in the core of the city near transit to contain the overall suburban Traffic grid. I say build as high as possible and the FAA might need to raise limits to 800ft-1000ft
We have a housing crisis, and traffic congestion problem.
 
Form a corporation called North Boston out of Cambridge, Somerville, Chelsea, Everett & Malden. Do a serious skyscraper/ highrise plan for Boston and North Boston.... Build transit to the max.... cash out.... then build baby build.
 
odurandina said:
Form a corporation called North Boston out of Cambridge, Somerville, Chelsea, Everett & Malden. Do a serious skyscraper/ highrise plan for Boston and North Boston.... Build transit to the max, then build baby build.
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Whats amazing is how well the Red Line works intergrated with Somerville and Cambridge Squares. This is what should have been invested and integrated into the Seaport with our money.
 
odurandina said:
Form a corporation called North Boston out of Cambridge, Somerville, Chelsea, Everett & Malden. Do a serious skyscraper/ highrise plan for Boston and North Boston.... Build transit to the max.... cash out.... then build baby build.
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images

There you go! Have fun. The rest us will be back here in the real world.
 
JANAM said:
According to Bldup and some other sources:

One Dalton - Dollar Volume $750,000,000.00 Square Feet 712,500

St. Regis - Dollar Volume $260,000,000.00, Square Feet 283,700

Seems to make more sense?
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I have to find my copy of a document with the construction manager's estimate of costs for concierge residences more upscale than the St. Regis, but my recollection is that the construction cost per sq ft was significantly lower than the construction financing amount for the St. Regis.

The One Dalton construction number came from here (July 2018):
https://www.bizjournals.com/boston/subscriber-only/2018/07/19/largest-construction-projects-in.html

The 208,000 sq ft for the St. Regis came from JP Morgan Chase.
http://rebusinessonline.com/jpmorga...ction-loan-for-st-regis-residences-in-boston/
 
+1

Amateur hour. How did this happen?

Cronin looks ambitious if in over its head. But Joyal?

Go to the Joyal Capital Management website. Not exactly institutional equity capital. The website looks like a joke, like Stratton fucking Oakmont. 1/2 the shit it says you can't say under SEC private offering and advertising rules. Dollars to donuts the JCM Opps Fund is full of first-gen American small business owners and widows with dogshit advisers. Sad.

Amazing that a RE fund writes a check to fund a St Regis and a bunch of Dunks and calls it a coherent investment strategy.

Some weird shit.

stoweker said:
i guess to recap just to crap on this thing some more -

Joyal Capital has like 0 experience with projects of any size, let alone a super luxury project. they as LP won't be any help

Cronin is a bar owner who has never built anything before let alone a super luxury project. if things get weird good luck to them getting out

JPM is in at a crazy high basis

This thing is in-fill surounded by better high end product. it lacks views from 3/4 angles.

will bet you money that the investors of Joyal capital get wiped out and Cronin gets wiped out. JPM ends up OK and this thing sits with a 4-5 year sell out period (if a recession doesn't come in and stop the show).

Marriot ends up pulling the St Regis flag amid struggling sales coupled with crazy high HOA fees and this ends up an unbranded downscaled project. the first buyers end up hosed. everyone loses.
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FortPointGuy said:
+1

Amateur hour. How did this happen?

Cronin looks ambitious if in over its head. But Joyal?

Go to the Joyal Capital Management website. Not exactly institutional equity capital. The website looks like a joke, like Stratton fucking Oakmont. 1/2 the shit it says you can't say under SEC private offering and advertising rules. Dollars to donuts the JCM Opps Fund is full of first-gen American small business owners and widows with dogshit advisers. Sad.

Amazing that a RE fund writes a check to fund a St Regis and a bunch of Dunks and calls it a coherent investment strategy.

Some weird shit.
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It's just equity, who cares where it comes from, pension funds, hedge funds, franchise investment funds... chill out dude.
 
kmp1284 said:
Interestingly this article was published days before both the resurrection of Viola and the initial filings for the renovation of the Taj, which is in dire need of a rebranding.
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I'm surprised they didn't do a hotel/condo residence project from the beginning. I don't know where they would find the space, as location is everything for the top-tier brands/flags--and I'm sure other premium luxury brands like Rosewood, Park Hyatt, Peninsula, and Waldorf Astoria--would like to get into the Boston market as well.
 
BeeLine's photos really put into perspective how dilapidated WP and ABG were, even when accounting for the demolition in progress. It will be very nice to see this gone and replaced once and for all now that the long bs battle with CLF is over.
 
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