In my mind, the weak link in the Concord redevelopment was the ability of Concord Associates to secure non-governmental equity loan financing for the project, given the tightening in the real estate credit markets and upheaval in the real estate arms of major investment banks. All around the country, large projects are being scaled back, postponed or shelved due to difficulties in obtaining financing. Even the long-heralded Atlantic Yards mega-project in Brooklyn has been delayed.
So I was pleasantly surprised when a reader sent me the following link:
http://news.moneycentral.msn.com/ticker/article.aspx?Feed=BW&Date=20080828&ID=9076754&Symbol=US:NYNY
with a p.r. release from Empire Resorts announcing that Concord Associates L.P. has secured $225 million in equity financing from a Kansas City-based real estate investment trust for the project. So, along with a $3000 million Industrial Development Agency (IDA) bond, it appears that the lion's share of the financing for the $1.1 billion project in place.
Cappelli is one developer that has my full support and admiration. Instead of putting tract homes on some farmer's pasture, he goes where other developer's fear to tread, (like, the dumpiest and least attractive areas of not-so-nice towns) and turns them around. If you see what he's done in Yonkers, New Rochelle, and other tired areas, his vision usually does the community a huge favor. I see this project, coupled with Bethel Woods, as the beginning of the new Catskills. I only hope it holds onto its financial momentum, and comes to fruition.
I can't wait to stay there.
Posted by: mary ellen | September 07, 2008 at 11:21 PM