UtterlyUrban Posted November 6, 2017 Share Posted November 6, 2017 Didn’t the developer originally say that we was going to use his own money? I guess he decided to use OPM? 3 Quote Link to comment Share on other sites More sharing options...
swtsig Posted November 7, 2017 Share Posted November 7, 2017 5 hours ago, UtterlyUrban said: Didn’t the developer originally say that we was going to use his own money? I guess he decided to use OPM? thats not what that means. 2 Quote Link to comment Share on other sites More sharing options...
UtterlyUrban Posted November 7, 2017 Share Posted November 7, 2017 5 hours ago, swtsig said: thats not what that means. I have no experience here. So, what does it mean? Quote Link to comment Share on other sites More sharing options...
swtsig Posted November 7, 2017 Share Posted November 7, 2017 sorry hit send to quickly. there are two components of any RE deal (or a lot of other investments really) - equity and debt. equity will come from you and/or your investors and the debt will be provided (typically) by a bank. in this case, caydon is providing all the equity needed to secure a construction loan from the bank (or other financing instrument) without having to seek outside investors. equity requirements vary from bank to bank but they usually require something like 25-35% down of the total project costs. what caydon didn't have to do was drum up investors (institutional groups like insurance companies, private equity, private investors, etc.) to help secure financing which can be a big hurdle in a market like Houston. few would self-fund an entire project - it ties up too much of ones own capital when there's relatively cheap access to money readily available. of course he takes on a lot more risk but the reward is all his as well. 9 Quote Link to comment Share on other sites More sharing options...
UtterlyUrban Posted November 7, 2017 Share Posted November 7, 2017 5 hours ago, swtsig said: sorry hit send to quickly. there are two components of any RE deal (or a lot of other investments really) - equity and debt. equity will come from you and/or your investors and the debt will be provided (typically) by a bank. in this case, caydon is providing all the equity needed to secure a construction loan from the bank (or other financing instrument) without having to seek outside investors. equity requirements vary from bank to bank but they usually require something like 25-35% down of the total project costs. what caydon didn't have to do was drum up investors (institutional groups like insurance companies, private equity, private investors, etc.) to help secure financing which can be a big hurdle in a market like Houston. few would self-fund an entire project - it ties up too much of ones own capital when there's relatively cheap access to money readily available. of course he takes on a lot more risk but the reward is all his as well. From the article: “HFF helped secure debt and equity financing through Bank of the Ozarks and Invesco Real Estate. The HFF included senior managing director Matthew Kafka and analyst Dustin Selzer.” equity and debt “financing”? it sounds to me like the equity was syndicated? 2 Quote Link to comment Share on other sites More sharing options...
swtsig Posted November 8, 2017 Share Posted November 8, 2017 4 hours ago, UtterlyUrban said: From the article: “HFF helped secure debt and equity financing through Bank of the Ozarks and Invesco Real Estate. The HFF included senior managing director Matthew Kafka and analyst Dustin Selzer.” equity and debt “financing”? it sounds to me like the equity was syndicated? maybe next time i'll read the article haha... he definitely didn't pony up like he originally said and ended up going the institutional route. not that it should make a huge difference as this is the way most deals make. but still, not quite the confidence he initially had and probably more likely that costs will be reined in more than anticipated. Quote Link to comment Share on other sites More sharing options...
KinkaidAlum Posted November 8, 2017 Share Posted November 8, 2017 Or, maybe, he's expanded his plans. When it was first floated he wouldn't need financing, it was just one tower. He's since made more land purchases for future development. 3 Quote Link to comment Share on other sites More sharing options...
Avossos Posted November 8, 2017 Share Posted November 8, 2017 10 hours ago, KinkaidAlum said: Or, maybe, he's expanded his plans. When it was first floated he wouldn't need financing, it was just one tower. He's since made more land purchases for future development. I think that is a great point. Obviously we are used to projects being scaled back, but he has tripled the overall scope of the project from the first look. I think It would be much more difficult to back the entire thing at this scale as he said for 1 tower. Seems like Caydon has been pretty good on their word without significant delays. In Houston, these hot areas seem to create momentum. I think 3 towers plus the parks should be a huge boost to their overall likelihood of success. Now... can we get 3300 Main going as well? They seemed to be here first but still no construction from them. I think they could also benefit from this 'momentum'. In my eyes, this creates a strong center for midtown, moving it away from Gray / Bagby. 6 Quote Link to comment Share on other sites More sharing options...
monarch Posted November 8, 2017 Share Posted November 8, 2017 https://www.bizjournals.com/houston/news/2017/11/06/australian-developer-secures-financing-for-midtown.html?ana=twt EDIT: Renderings removed at the demand of Large arts in Collingwood, Australia. —Editor 9 Quote Link to comment Share on other sites More sharing options...
Mr.Clean19 Posted November 8, 2017 Share Posted November 8, 2017 Why does that look like the Ivy Tower that they were going to build in EaDO? 1 Quote Link to comment Share on other sites More sharing options...
Naviguessor Posted November 8, 2017 Share Posted November 8, 2017 In Australia i guess it would makes sense to put the pool on the north side of the building. 5 Quote Link to comment Share on other sites More sharing options...
cspwal Posted November 8, 2017 Share Posted November 8, 2017 This way the pool will have downtown views. That was probably deemed more important than making sure that it had the best sun in the afternoon 3 Quote Link to comment Share on other sites More sharing options...
MarathonMan Posted November 8, 2017 Share Posted November 8, 2017 Nowadays, it seems like most people want to avoid direct sun, anyway... 3 Quote Link to comment Share on other sites More sharing options...
SkylineView Posted November 9, 2017 Share Posted November 9, 2017 If there was a "post of the year" award, I'd nominate Naviguessor. Epic. "In Australia i guess it would makes sense to put the pool on the north side of the building. " 3 Quote Link to comment Share on other sites More sharing options...
hindesky Posted November 10, 2017 Share Posted November 10, 2017 My 2 story condo complex loses the sun at the pool in mid September. This place might get 3 months of sun on their pool from May-July. 1 Quote Link to comment Share on other sites More sharing options...
Urbannizer Posted November 10, 2017 Author Share Posted November 10, 2017 https://caydonusa.com/2017/11/10/media-release-caydon-breaks-ground-first-u-s-development/ 8 Quote Link to comment Share on other sites More sharing options...
Houston19514 Posted November 10, 2017 Share Posted November 10, 2017 On 11/7/2017 at 5:18 PM, UtterlyUrban said: From the article: “HFF helped secure debt and equity financing through Bank of the Ozarks and Invesco Real Estate. The HFF included senior managing director Matthew Kafka and analyst Dustin Selzer.” equity and debt “financing”? it sounds to me like the equity was syndicated? On 11/7/2017 at 9:34 PM, swtsig said: maybe next time i'll read the article haha... he definitely didn't pony up like he originally said and ended up going the institutional route. not that it should make a huge difference as this is the way most deals make. but still, not quite the confidence he initially had and probably more likely that costs will be reined in more than anticipated. On 11/7/2017 at 11:03 PM, KinkaidAlum said: Or, maybe, he's expanded his plans. When it was first floated he wouldn't need financing, it was just one tower. He's since made more land purchases for future development. There is also this possibility to consider: The quote is from the chronicle, so there is the distinct possibility the information is just wrong. 1 Quote Link to comment Share on other sites More sharing options...
H-Town Man Posted November 10, 2017 Share Posted November 10, 2017 17 minutes ago, Houston19514 said: There is also this possibility to consider: The quote is from the chronicle, so there is the distinct possibility the information is just wrong. Most of the article sounds like it came from a press release (pretty standard for the Chronicle), so the quote was probably more or less verbatim from the press release. This would also explain why Bizjournals ran virtually the same article simultaneously. 1 Quote Link to comment Share on other sites More sharing options...
corbs315 Posted November 10, 2017 Share Posted November 10, 2017 (edited) Yay! https://imgur.com/a/rZI27 https://imgur.com/a/ZDx3K Edited November 10, 2017 by corbs315 4 Quote Link to comment Share on other sites More sharing options...
HoustonIsHome Posted November 11, 2017 Share Posted November 11, 2017 Between McGowan and Alabama is still dead even with many improvements around Elgin. These new residentials should help with pedestrian activity, restaurants and retail 1 Quote Link to comment Share on other sites More sharing options...
enriquewx91 Posted November 12, 2017 Share Posted November 12, 2017 Take note that this project will transform Midtown, 10-15 years from now we will look back as this being the highrise that connected TMC and DT skylines 1 Quote Link to comment Share on other sites More sharing options...
HoustonIsHome Posted November 12, 2017 Share Posted November 12, 2017 I agree. They should rename the tower "Pioneer". The scale of the project is also massive. They really squandered the super block. That huge setback on McGowen... This project is two and a half blocks plus Drew. Are they also going to make use if Dennis? Both Drew and Dennis are only two blocks long. Who owns that big grass lot on Fannin and Drew in front of that big mural? A garden/cafe would be awesome right there 2 Quote Link to comment Share on other sites More sharing options...
houstontexasjack Posted November 12, 2017 Share Posted November 12, 2017 I quite like that Caydon follows the ceremonial groundbreaking with actual excavators a few hours later. Nice to see some heavy digging on site. I wonder if the name “The Midtown” will eventually be given to the entire site, given that the first tower has been rebranded with its address and two others are in the planning stages. 2 Quote Link to comment Share on other sites More sharing options...
Popular Post hindesky Posted November 12, 2017 Popular Post Share Posted November 12, 2017 The whole block north of the site and half the block on the southern side are barricaded. Crew was filling the barricades with water today. 16 Quote Link to comment Share on other sites More sharing options...
BeerNut Posted November 16, 2017 Share Posted November 16, 2017 Somewhat confused on this one. The sign on the corner of the fenced lot says Nouveau Antique Bar. Also looks like they're doing remodeling on this building(maybe a temp office during construction). 9 Quote Link to comment Share on other sites More sharing options...
MarathonMan Posted November 18, 2017 Share Posted November 18, 2017 Yes, the little building is becoming the construction office. The Nouveau Antique Bar is a separate building on the other side of the block. The sign is for parking, I believe. 2 Quote Link to comment Share on other sites More sharing options...
Popular Post hindesky Posted November 24, 2017 Popular Post Share Posted November 24, 2017 They are shoring up the sides of the dig, doesn't appear that there is going to be much underground, I assume podium parking. 10 Quote Link to comment Share on other sites More sharing options...
brian0123 Posted November 25, 2017 Share Posted November 25, 2017 17 hours ago, hindesky said: They are shoring up the sides of the dig, doesn't appear that there is going to be much underground, I assume podium parking. They'd be dumb to not take advantage of the added activity at street level. Hopefully they don't wall themselves off with parking at ground level. Quote Link to comment Share on other sites More sharing options...
Twinsanity02 Posted November 25, 2017 Share Posted November 25, 2017 Does anyone know the height of this building? Cannot find it on Emporis. 2 Quote Link to comment Share on other sites More sharing options...
JoninATX Posted November 25, 2017 Share Posted November 25, 2017 In the article on the previous page, it states that there adding 13,000 SQ foot of retail space. 3 Quote Link to comment Share on other sites More sharing options...
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