A few weeks ago, we posted about Mirabella Seattle opening early and just last week the San Mateo County Times ran a piece about Mirabella San Francisco Bay being delayed due to its inability to find construction financing. The developers are looking to resume construction once financing has been obtained but the letter from the management of the project explained that:
“Mirabella San Francisco Bay unfortunately has been caught up in the national credit squeeze,” the letter stated, “and all of our longtime bankers who have provided construction funding for our previous endeavors are unavailable in this difficult economic time period.”
The developer hopes to have financing alternatives lined up in the next 60 days but based upon the continuing trends of the credit markets, it looks like that time frame might be more hopeful than realistic. The good news is that demand for the project appears to be strong with the deposits on hand but it remains to be seen how long those residents will wait before deciding or having to move into another facility if they delays are stretched out further.
For the full article, click here.