The credit crisis and sagging real estate prices have already made it tough for developers to get new construction financing. Now builders are worried that banks won’t cooperate when the builders reshape projects in the hopes of affording loans for projects already begun.
Steven F. “Sonny” Ginsberg, a partner in the real estate and finance practice group at Chicago-based Levenfeld Pearlstein, said he is hearing from builders that began projects just as the real estate bubble was bursting and need the permission of lenders to change plans, such as one developer that borrowed to build condominiums but realizes there is a far better market for apartments.
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