Local Lehman Brothers Fallout
18 09 2008
With all the turmoil on Wall Street its not surprising to hear that some of the fallout is landing in our area. The Washington Business Journal is reporting that the bankrupt financial firm Lehman Brothers has invested millions of dollars in D.C. area projects, including Monument Realty’s Half Street development near Nationals Park and Monday Properties developments in Rosslyn.
It’s unclear what effect this will immediately have on the developments, but the developers will definitely have to go else where for funding they haven’t yet received, and in the current market, that’s not going to be easy or quick, so expect some delays in the future.
Damn.
Great, those lots right next to the Nats stadium are going to stay empty even longer!
Yup getting any cash for a major development is going to be near impossible for some time…the great development malaise has started.