Brother, I can spare a dime: Construction lenders open wallets, but only to known developers

By Tom Acitelli | July 16, 2013 10:30AM

From the July issue: With the Great Recession winding down, New York residential developer Alchemy Properties was gearing up to start construction on a planned condo conversion at 35 West 15th Street, now known as 35XV. But Alchemy President Kenneth Horn wasn’t sure if he’d be able to get a construction loan, since the recession had virtually halted financing for new condos in New York. [more]