This arena and the commercial space is now serviced by hard money guys and people with lots of cash.
If you have a project that “makes sense”, I have a group of guys that have a fund with 30 million not to mention their own personal money that may be interested.
If people think residential is crashing hard…wait until you see the commercial market. We are looking at a place right now that is worth 1.8 million and the guy just wants 800K for the note and wants out….
I have friends that are taking down large 80 million dollar notes for 20 million from the banks. It is one thing to write of an equity line, try writing off 60 million against your revenue (if you have any).
We have not seen anything yet…..Westfield props (malls) are open to anything for leasing space right now…they just want people in the spaces….
