These are among the richest guys in Philly, and they're getting subsidized. I wouldn't mind getting 25% of my financing from the gov't, with the majority of it outright grants.
Ground broken for a new Center City hotel
"Capital One Bank provided a $25 million construction loan and $10 million in New Market Tax Credits. State and city grants covered the rest.
Of the $60 million cost, $12.8 million was in government incentives, with $4.8 million to be repaid."
They're going to have a $25 million first mortgage on a $60 million building? How much do you want to bet that at the end of construction, when the project is up and running and making money, they pull out tens of millions of dollars by refinancing this deal?
Read more: http://www.philly.com/philly/busines...#ixzz1sOFLo9Wh
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