Lehman Brothers had loaned the Antares project about three hundred million dollars, and by the end of the year foreclosure proceedings seemed possible — a complicated business, because by this point Antares had replaced approximately forty million dollars of its original financing with funds from a Kuwaiti investor.
But in 2015 the prize would definitely go to the bank that decides to underwrite the first Galilee Basin ultra-mega-coalapolooza. Just think what you'd have to discount before you loaned that project money: The fact that the coal price has been tanking for years.
The U.S. Department of Energy is backing more than $1 billion in loans for the project, and earlier this month announced it would also back $1.9 billion in loans for two solar power projects in California.
Prudential Insurance, which has invested heavily in the city, is expected to provide a loan for the project.
The building will cost $5.5 million to build, he said, adding that Brooklyn Federal Savings had approved a $4.5 million loan for the project.
Earlier this month, Germany joined Britain and France in approving loans for the project, after it agreed to provide $879 million.
He is seeking a state grant and bank loans for the project, called Mill Street Courtyard, with development costs estimated at $22 million.
FROM the start the state committed $8.175 million in loans to the project, he said; the city contributed the land as well as $7.25 million in subsidies.
At the Belle Shores Condominium in Rockaway Park, Queens, some 80percentt of the sold units have used F.H.A. loans since the project received approval last winter.
Ari Fleischer, the White House spokesman, has said that Mr. Cheney's intervention was appropriate because the United States government held guarantees on loans to the project.
