It’s yet another sign that it’s tough to be in commercial real estate.
Streets of Buckhead developer Ben Carter said Wednesday he is in talks with private investors to raise $200 million to resume work on the stalled luxury retail project, AJC reporter Rachel Tobin Ramos writes.
Unable to get a traditional bank loan amid the credit crunch, Carter said he has been seeking private investment money instead — a position many developers are in.
“I think that in the next 30 days we will have selected the investor and have completed an agreement with all existing lenders,” Carter told Ramos. “The goal is to start construction shortly after that.”
John Leonard, vice president and regional manager in Atlanta for real estate investment firm Marcus & Millichap, said Carter will have to pay higher interest rates on new investment money, at a time when there’s a downward pressures on retail rents, especially in Buckhead.
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