Work may have to stop on the new condo 100 Eleventh Avenue next month if its developers cannot refinance its construction loan. People familiar with the project say lender iStar Financial is forcing the developer, Cape Advisors, to refinance a $110 million first-mortgage construction loan with higher rates. The project is about $50 million over budget and a year behind schedule.
100 Eleventh Ave. needs to refinance
August 20, 2008 10:46AM
