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Old 08-19-2019, 12:46 PM   #141
bigpicture7
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Re: 1000 Boylston Street | MassDOT Parcel 15 | Back Bay

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Originally Posted by Equilibria View Post
...people don't like to finance complicated, risky things.
Spot on. I've been trying to tell people that it's not because "the structural engineering of air rights is too hard"...it's because there's enormous uncertainty of how much of a coordinative and logistical pain in the ass (e.g., $$ and schedule) actually executing the build-out will be, and a total lack of contemporary Boston precedents to help bound estimates. The financing industry is based on benchmarking, and when there's no benchmarking, it's really hard to get financing.
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Old 08-19-2019, 01:18 PM   #142
KentXie
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Re: 1000 Boylston Street | MassDOT Parcel 15 | Back Bay

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Originally Posted by bigpicture7 View Post
Spot on. I've been trying to tell people that it's not because "the structural engineering of air rights is too hard"...it's because there's enormous uncertainty of how much of a coordinative and logistical pain in the ass (e.g., $$ and schedule) actually executing the build-out will be, and a total lack of contemporary Boston precedents to help bound estimates. The financing industry is based on benchmarking, and when there's no benchmarking, it's really hard to get financing.
This. I know people want to talk about how robust Boston's economy is but it doesn't really matter if the banks willing to lend money to developers want to reduce their overall portfolio exposure to large scale real estate projects due to recession scares.
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Old 08-19-2019, 03:30 PM   #143
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Re: 1000 Boylston Street | MassDOT Parcel 15 | Back Bay

Did the reductions in height make the project financially unfeasible though and that's what scared off the lenders?
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