I just read in the Boston Courant that the city of Boston provided a $10,000,000 loan to the posh W Hotel and luxury condo high-rise complex and could put Hub taxpayers at higher risk of losing millions than other lenders if the project flops.
The loan by the Department of Neighborhood Development (DND) puts the city in the position of a subordinate lender, second or even third in line should the $234 million project fail, Evelyn Friedman, the department’s director, acknowledge in an interview.
Your thoughts? Will the W luxury condos be a selling success?
Will it follow the same fate as the W in Scottsdale AZ.
W Scottsdale Luxury Condos
Source: Boston Courant (Sorry the Boston Courant has no web link)