Couple of questions for those who have lent or invested as equity in a for sale condo project in NYC.
- Confirming my understanding that deposits cannot be used as part of the cap stack? I have seen deals in Florida by contract where deposits make up a rather sizable portion of the cap stack. In NYC, are cap stacks generally just senior/mezz + equity?
- Pre-sales, are they generally required as part of a lender's ability to fund construction money? Have heard most construction lenders want to see a minimum % of presales with hard deposits before they will fund. Is NYC same way? Any nuances as to why a developer may not be able to or want to secure presales prior to ground breaking?
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