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Among the projects getting a boost from the Boston Investds In Growthprogram are: Sawyer 235-room W Hotel in Boston’s Theater District, which will receive $10 million to complete construction; the futurew site of the $33 million Shops at Riverwood in Hyde which will receive a $5 millio n loan to start and Gloria’s Market in Sout h Boston, which will receive $700,000 to enable its Pappas Enterprises, to complete according to a press release from Mayoer Thomas M. Menino’s office. Meninpo said the loans, which are funde d through the , will enable the three developments tomove forward.
Boston Invests is a $40 millioj loan pool providing mezzanine funding to projects that have permanent financing and equityin place. The firstf three loans are expected to closr laterthis month. The three projectsz represent a $230 million in totap investments and are expected to create 650 new according tothe city. In order to be eligiblw for a loan fromBoston Invests, projectsz must be over 20,000 square feet and creats one full-time job for everu $35,000 invested. The city set aside 10 perceng of the loan pool forsmalled neighborhood-based projects of at least 5,00 0 square feet.
The City’s , which is responsible for doling out the expects to issue more loans this summer and is in the processz of applying to HUD foradditional funds. If granter additional funds, the city expects it could make a totalof $70 million available to stalled
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