Carpenter Co Securing Financing
Veteran developer Carpenter & Co prez Dick Friedman, who expects to start construction on the $700M, 950k SF One Dalton complex by year-end, says that the amount of available investment capital targeting commercial real estate is “mind blowing." In the process of lining up his financing, on Tuesday he had a discussion with a Chinese investment group. They plan to put billions of dollars to work in US real estate projects, but only in New York, Boston, and San Francisco, Dick said during a NAIOP event yesterday. Such access to capital is one reason why Boston is seeing more big, complex commercial development projects in construction and planned than it has since the Back Bay was built in the 1800s. (We figure if the hipster kids are dressing like they're from the 1800s, let's build like we're in the 1800s.)
