The prime lender for the W Boston project wants the bankruptcy court to give it permission to foreclose on the 26-story Theater District building.
The developer and city of Boston, which chipped in $10.5 million to complete the final spa/restaurant/bar components of the project, are resisting the move by Prudential Insurance. They argue a legally sanctioned foreclosure would underestimate the value of the new complex, hurting them in the process.
An excerpt from the Boston Herald:
The city’s $10.5 million investment in the W hotel and condo project could be at risk if Prudential Insurance wins bankruptcy court approval to take over the 100 Stuart St. site.
File under: Theater District drama at its finest