An interesting “point/counterpoint” take on the issue of CitySquare financing over at Worcester Business Journal today.
Today, though, Hegenbart said, banks just don’t have much money to lend, even to demonstrably solid projects. And if they do agree to a financing deal their underwriting standards are higher, he said. Where they once asked developers to cough up a quarter of a project’s cost in cash, that’s now up to 50 or even 75 percent.
Sid Spiegel, vice president of the commercial division at NE Moves Market LLC in Waltham, had a more optimistic take on the situation.
“Berkeley has a good reputation,” he said. “Unum is a good tenant… I would think a lender’s not going to have a big problem with that deal.”