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Avalon North Point in East Cambridge

Construction planning

Photo by Daniel McCullough on Unsplash

Michael Snedeker is the executive vice president of Elite Building Corp., a commercial construction firm serving Waltham, Massachusetts, and the Greater Boston area. At Elite Building, Michael Snedeker and their experienced team formulates sales and marketing strategies and guides acquisitions. 

The Elite Building Corp. team of professionals has completed a number of commercial construction projects, including Avalon North Point, a multiphase apartment complex in East Cambridge. The North Point section is an ideal place for both longtime residents and people who are relocating to the area. 

Many construction projects are currently underway that offer even more options for housing in the desirable, a centrally located neighborhood of North Point. Residents can easily access surrounding attractions, such as the Harvard Museum of Natural History, the Charles River, and many diverse shops and restaurants.

Avalon North Point features luxury apartments with studios and one-, two-, and three-bedroom floor plans. The apartments range in size from 634 square feet to 1,500 square feet. The complex offers residents a number of desirable amenities, including an indoor heated pool, a private theater, a terrace garden, a state-of-the-art fitness center, and underground parking.

Bash for the Bulldogs Raises Funds for Long Island Bulldog Rescue

A commercial real estate developer in the Boston metropolitan area, Michael Snedeker serves as the executive vice president of Elite Building Corp, a Massachusetts-based real estate company with over 30 years of experience in the commercial real estate industry. In addition, Michael Snedeker is an active member of Long Island Bulldog Rescue.

Founded in 1999, Long Island Bulldog Rescue is a nonprofit organization that provides adoption, education, intervention, and prevention services with the aim of ensuring safe and loving homes for English bulldogs. On December 7, 2018, actress and web personality Coco Austin; her daughter, Chanel Nicole; her bulldog, Maximus; and animal advocate Jill Rappaport invited their friends and fellow bulldog and animal lovers to Bash for the Bulldogs to raise funds for the organization.

The event, held at New York University’s Kimmel Center, was attended by over 200 guests, who enjoyed dinner and bid on auction items such as a boxing glove that belonged to Muhammad Ali, a signed Bruce Springsteen guitar, and a life-sized bulldog statue made of fiberglass, signed by its previous owner, Howard Stern.

The Process of a Commercial Construction Loan Application

Michael Snedeker is a Boston-area real estate developer. Serving as the executive vice president of Elite Building Corp., Michael Snedeker negotiates financing for commercial construction projects. 

Many commercial real estate projects are financed by loans. The process of applying for and receiving a loan is long and involves a large amount of paperwork. 

First, the developer approaches a bank with a construction plan and a loan request. The lender is usually a local community bank with a strong understanding of the city’s real estate environment and the players involved.

The bank looks at the loan request and conducts background checks on the developer to ascertain his or her business reputation and credit strength. If the lender approves the loan request, the bank will issue a term sheet that details the terms of the loan. The term sheet is nonbinding and serves as a base for negotiations between the lender and borrower. 

After the term sheet is reviewed by the borrower, negotiated with the lender, possibly renegotiated, and eventually accepted, the lender proceeds to underwrite and approve the loan. 

While underwriting, the lender takes into account the construction budget, the market conditions, and the capacity of the developers. Some of the documentation requested at this point may include the real estate project proforma, financial statements, engineering plans, and borrower and guarantor tax returns. Once the process is complete, the bank issues the borrower a legally binding letter of commitment and later signs a binding contract with the borrower.