Title: BBJ: Developers look to Middle East for funds
Published: Thu, 22 Oct 2009
Description: (NECN) - Tight capital has building projects stalled across the country. In Boston, some big developers are looking to the Middle East for the funds they need to keep going. Boston Business Journal reporter Jackie Noblett has the details.
Automatically Generated Transcript (may not be 100% accurate)
" Yeah by the law firm."
" capital -- building projects all across the country in Boston some big developers are looking to the Middle East for the money they need to keep going. Boston business journal reporter -- joins us now with that story -- welcome thank -- so are these Boston developers looking for foreign investors."
" Joseph Fallon was the developer behind the fans here. Development on the waterfront Boston. Last month was in Saudi Arabia talking to investors. Potentially. About providing some construction financing for the second building on the fan -- site I he needs that financing to secure. Keep tenants and it's kind of a chicken and DA they're looking for him to. Have some tenants to the table. Also. John B Hynes who is the developer behind the well known. Finally it's basement building in downtown crossing. He said last month that he was out looking at foreign sources. To get construction financing within the next year so that they can restart that project through general Powell is looking for a big numbers not. -- the project the whole project is going to cost about three billion dollars but that's over eight buildings he's RD in the process and of building the first building and this financing would. Before. The second 500000 square foot building that Saddam vertex was. Reported to want to move then but decided not to because they had this -- Because found hadn't secured that loan."
" Now has has financing from domestic banks just drive up totally for large projects like this it did you shortly after the financial -- now."
" Banks were so concerned about what was on there what was in their portfolio what's carrying that making sure those loans things go bad. Or up providing. Provisions that they did that they just. -- Not fearful but not too concerned about going out there in taking on additional risks that -- just and enable the line."
" Now do we know to a Fallon and John John behind have been successful in securing foreign investment that's it from Saudi Arabia they haven't yet at."
" And experts say that it's going to take almost a perfect storm. In that they get the market starts returning in terms of commercial real estate. That they -- secure some good. Financing. And some good tenants that that and they will be able to go to these foreign masters and get."
" BP loans that they need good enough thanks Boston business journal reporter Jackie -- Lou thanks Jacki for joining us thank yeah. You can read the full story."
" In the then the latest edition of the Boston business juror."
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