Re: 212 Stuart St
http://www.bostonherald.com/busines...rom__40M_Hub_fund/srvc=business&position=also
http://www.bostonherald.com/busines...rom__40M_Hub_fund/srvc=business&position=also
Two downtown projects want a piece of a $40 million loan fund offered by the city of Boston, but a trio of other high-profile developments have yet to apply.
In an effort to jump-start commercial real estate construction in Boston, City Hall is offering commercial financing at low interest rates. Under the Boston Invest in Growth Fund, a Department of Housing and Urban Development-funded loan pool will provide Section 108 money to jump-start construction projects and create jobs.
A second applicant is expected to commence construction soon on a 10-story office building on Stuart Street.
Gary Hendren, the project manager for Hera Development Corp., said while they have financing for the $30 million project, they can?t pass up a better deal. The firm is seeking $3 million from the loan fund.
?Every developer is a businessman and, if he can get $3 million at 5 percent rather than 9 percent, why not explore the option?? he said.
But the city has not heard from developers of three projects that Mayor Thomas M. Menino identified in his announcement, including the stalled Filene?s redevelopment, Fan Pier and the 30-story Residences at Kensington Place, a 346-unit rental housing project proposed for the city?s Theatre District.
- tgrillo@bostonherald.com