The Boston Homes has an article regarding the Boston W Residences luxury condos entitled: Court ruling is good news for W developer. The following are a few highlights from the article:
* Two years ago Prudential had given a construction loan of up to $192.2 million at the time of the hearing the amount due to Prudential was $154 million and by April 1, 2011 its estimated the amount will be lowered to $143.1 million.
*SW Boston also obtained a second mortgage about a year ago from the city for $10.5 million and so far approximately $4.1 million has been paid back.
*The court allowed SW Boston to rent up 25% of the luxury condos, which could generate as much as $2.5 million.
Lastly, Kevin Ahearn stated: “We got a good bit of momentum. We have 40 showings a month.”