A Boston Bankruptcy Court judge just gave the W Hotel and Residences a chance at restructuring instead of giving it over to its largest creditor. Prudential Insurance Co., which loaned $192 million to the development, wanted the whole kit and caboodle (to get what cash it could as quickly as possible in a foreclosure sale). But the judge ruled that the W Hotel and Residences can proceed with a restructuring plan because sales have picked up in recent months. This is about the best-case-scenario the W developers could hope for. A firesale to benefit an insurance company would have been messy.
Ruling staves off foreclosure for W hotel developer (Boston.com)
Based on this new ruling, if you’re interested in viewing or purchasing a Boston luxury condo at the W Residences, please give me a call at 617-720-5454 or 617-595-3712. I’ll provide you with financial incentives to use Ford Realty Inc.