Related WestPac celebrated the approval of Little Nell building amendments last week, a major step towards securing financing and moving forward with the project. The developer is hopeful, but secured funding is not certain. “We have leads and are very optimistic,” said Scott Stenman, Related’s vice president of development. “Money is really tight out there. (To get financing) you have to have a compelling business deal. Luckily, we are only looking to finance one building, which is now entitled, a huge step.”Related WestPac COO Dwayne Romero estimated in December that there were approximately six new construction loans available for the size they need, an estimate he believes is still applicable to current times.
By Ashlee Fairey, Feb. 24, 2008, Snowmass Sun, Snowmass CO
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