Aura? - Page 3

urban_encounter · #41 Posted **Apr 27, 2007, 2:48 AM**

Quote:

Originally Posted by SacTownAndy

I can't remember the original construction time table for Aura. Does anyone know when Nassi will need to start construction by before he has to negate the contracts with his buyers (like Saca just did) for not being completed on time?

As I understood it, he needed to have the foundation poured by April. I'm not sure whether that meant the beginning or end of April; but regardless it's nearly May and he's a long way from having a foundation poured.

His contracts are probably worthless at this point to some degree.

cozmoose · #42 Posted **Apr 27, 2007, 8:22 AM**

urban_encounter · #43 Posted **Apr 27, 2007, 3:05 PM**

Quote:

Originally Posted by cozmoose

Creative....

Phillip · #44 Posted **May 8, 2007, 7:12 AM**

Two weeks have passed since Taylor said he wanted to speak directly with Nassi's lenders and equity partners. There should be some news soon?

urban_encounter · #45 Posted **May 8, 2007, 7:02 PM**

Quote:

Originally Posted by Phillip

Two weeks have passed since Taylor said he wanted to speak directly with Nassi's lenders and equity partners. There should be some news soon?

Quote:

Originally Posted by SacBee

Next to the US Bank Tower, Denver developer Craig Nassi hopes to build Aura, a 39-story luxury condominium tower designed by renowned architect Daniel Libeskind that will cost about $177 million.

But Nassi has yet to break ground at 601 Capitol Mall because he hasn't purchased the land from Taylor. Last month, Nassi's deadline passed to line up financing. He has asked for more time, but Taylor said Thursday he won't formally grant an extension without talking directly with Nassi's lenders and equity partners.

Nassi, who has maintained all along that Aura will be built, did not respond to requests seeking comment.

I'm not certain whether Taylor's talked with Nassi's lenders or not.

I have a feeling he hasn't though...

Phillip · #46 Posted **May 8, 2007, 7:45 PM**

It seems like Taylor's question to Corus---"Are you still committed to doing this loan?"---would only need a ten minute conversation to answer. And if Corus isn't returning Taylor's calls....well that's an answer too.

innov8 · #47 Posted **May 11, 2007, 8:12 PM**

I think the first week of June will be a great week for Aura.

Keyword: WexTrust Capital

Majin · #48 Posted **May 11, 2007, 8:57 PM**

Quote:

Originally Posted by innov8

I think the first week of June will be a great week for Aura.

Keyword: WexTrust Capital

Went to the website and I didnt see any information on Aura or even what that company has to do Aura.

innov8 · #49 Posted **May 11, 2007, 9:12 PM**

WexTrust is a Capital Investment firm... I think you can figure it out from here.

Majin · #50 Posted **May 11, 2007, 9:36 PM**

So they are the ones funding the rest of Aura? Or taking over the entire project?

What is suppose to happen the first week of June? An accountement? Construction?

foxmtbr · #51 Posted **May 12, 2007, 1:06 AM**

^ I believe it is a secret and you're supposed to assume things from the information provided. I'd guess you're on the right track though.

cozmoose · #52 Posted **May 12, 2007, 6:23 AM**

Quote:

Originally Posted by Majin

So they are the ones funding the rest of Aura? Or taking over the entire project?

What is suppose to happen the first week of June? An accountement? Construction?

Don't you know better than to hope? This is Sacramento we are talking about here. Land of No Can Do.

sugit · #53 Posted **May 17, 2007, 8:47 PM**

68 more days for Aura.....
________________________________________________________________

(Redevelopment Agency) Aura Condominium Project [To Be Delivered]
Location: 601 Capitol Mall, Central Business District (District 1)
Recommendation: Adopt a Redevelopment Agency Resolution extending the period of negotiations with Aura at 601 Capitol Mall, LLC for 68 days, expiring on July 31, 2007 to develop the terms of a maximum $10,000,000 market-rate loan, which may be incorporated into an Owner Participation Agreement for the Aura condominium project. Contact: Leslie Fritzsche, Downtown Division Manager, (916) 808-5450, Economic Development Department.

innov8 · #54 Posted **May 17, 2007, 9:22 PM**

^ Yep, the ride continues.

arod74 · #55 Posted **May 17, 2007, 10:20 PM**

Jeez, you really have to wonder how much more patience people who have signed for units in either aura or the towers are going to have? I would be pulling out my hair as the endless procession of extensions keep rolling by. Its beyond comical now.

TheDerek · #56 Posted **May 18, 2007, 3:56 AM**

Quote:

Originally Posted by arod74

Jeez, you really have to wonder how much more patience people who have signed for units in either aura or the towers are going to have? I would be pulling out my hair as the endless procession of extensions keep rolling by. Its beyond comical now.

I imagine a good percentage of them knew the chance they were taking. Really all they did was give them a loan, the interest they recieve would be getting a pre-construction price on thier condo. Any time you give someone a loan, there's always a chance for default

innov8 · #57 Posted **May 18, 2007, 4:35 AM**

Quote:

Originally Posted by TheDerek

I imagine a good percentage of them knew the chance they were taking. Really all they did was give them a loan, the interest they recieve would be getting a pre-construction price on thier condo. Any time you give someone a loan, there's always a chance for default

There is no risk to the deposits. The deposit gets held in a federally insured
escrow account and if the project doe's not get built or get built in a certain
time frame, you get your deposit back plus interest.

brandon12 · #58 Posted **May 18, 2007, 6:53 AM**

^actually, I don't think the deposits are federally insured, but I could be wrong about that.

TheDerek · #59 Posted **May 18, 2007, 8:27 AM**

considering my major in school that's something I shoulda known

i dunno about California but most states by law require any deposit with a landlord to be held in a federally insured escrow account (this includes projects such as the towers/aura as well as deposits made when renting. ie. deposit on apartments etc). They are classified as non-refundable because the developer must default on his/her side of the contract for them to become refundable (which is why saca sent out a letter to all the people who made a deposit requesting them to extend their deadline). BTW does anyone know how many people asked for thier deposit back? I coulda sworn they already had to give thier notice if they didn't wasn it back. eh...

TheDerek · #60 Posted **May 18, 2007, 8:35 AM**

City staff to ask for delay of $10M loan request for Aura
Sacramento Business Journal - 5:08 PM PDT Thursday, May 17, 2007by Michael Shaw

City of Sacramento officials are preparing to ask the City Council on Tuesday to approve another 60-day extension on a $10 million market-rate loan to BCN Development, the developer of the $175 million Aura condominium project downtown.

The deadline on the loan has been extended several times to allow BCN founder Craig Nassi to secure financing.

City staff say the project's lenders and equity partners are still interested in the project, although the partners have not come to terms with the developer.

Nassi is working with Corus Bank as the main lender, which is considering a $131 million loan, according to city staff. WexTrust Capital of Chicago is a possible equity partner, while MeeCorp Capital Markets is a possible mezzanine lender.

ok so exactly when will the deadline be extended to?