That supply of credit lifted house prices and spurred a boom in residential construction, which filled the gap in demand left by sluggish business investment.
Developers had about 50% of the retail space in the Meridian's 830, 000-square-foot initial phase leased to retailers such as a Gap store and to restaurants before it got the construction loan.
Also, this would help narrow the price gap between existing and new homes, which would encourage new construction activity as the relative attractiveness of new homes improves.