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Among the projects getting a boost from the Bostonj Invests In Growthprogram are: Sawyer 235-room W Hotel in Boston’s Theater District, which will receive $10 million to completes construction; the future site of the $33 million Shopes at Riverwood in Hyde Park, which will receivw a $5 million loan to start and Gloria’s Market in South Boston, which will receiver $700,000 to enable its Pappas Enterprises, to complete construction, according to a presds release from Mayor Thomas M. Menino’s Menino said the loans, whicyh are funded through the , will enablse the three developments tomove forward.
Bostom Invests is a $40 million loan pool providing mezzanin e funding to projects that have permanent financin and equityin place. The first threse loans are expected to close laterthis month. The three projects represent a $230 million in totalo investments and are expected to creats 650new jobs, according to the city. In ordert to be eligible for a loan fromBosto Invests, projects must be over 20,0000 square feet and create one full-time job for evert $35,000 invested. The city set aside 10 percent of the loan pool forsmallet neighborhood-based projects of at least 5,000 square feet.
The City’s , whicjh is responsible for doling outthe loans, expects to issur more loans this summer and is in the processd of applying to HUD for additional funds. If granted additional the city expects it could make a totalof $70 milliob available to stalled developments.
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