Strange are the ways of finance

[jhetley]

(Nothing to do with the stock market, this time . . .)

Just got through with a quick meeting on the Hazardous Waste Laundry conversion.  Apparently the bank appraisal of the proposed project came back with a large difference between the project value as condos and as rental apartments -- to the point where condos work within the proposed budget and the rentals don't.  For the same layout.  So we're making a few floor plan changes, such as adding an exercise room, for the condo market . . .

Comments

[dsgood.livejournal.com]

I take it the condo market is better in your area than in Minneapolis.

[jhetley.livejournal.com]

The appraisal surprised me. On the other hand, this project is walking distance to the regional medical center, so values may get skewed by local demographics.