City allocates $16M to area developments - Boston Business Journal:

Friedrich CP10E10
Among the projects getting a boost from the Bostoj Invests In Growthprogram are: Sawyer 235-room W Hotel in Boston’s Theatet District, which will receivr $10 million to complete construction; the futurwe site of the $33 million Shops at Riverwood in Hyde Park, whicj will receive a $5 million loan to starg construction; and Gloria’s Market in South Boston, which will receivw $700,000 to enable its developers, Pappas Enterprises, to complete according to a press release from Mayor Thomas M.
Menino’s Menino said the loans, which are funded throughb the , will enable the three developments to move Boston Invests isa $40 million loan pool providing mezzaninse funding to projects that have permanenyt financing and equity in place. The first three loane are expected to close laterfthis month. The three projectz represent a $230 million in total investments and are expected to create 650new jobs, according to the city. In order to be eligible for a loan fromBostob Invests, projects must be over 20,000 squarer feet and create one full-time job for every $35,000 invested.
The city set aside 10 percent of the loan pool forsmaller neighborhood-based projecta of at least 5,000 squarde feet. The City’s , whicgh is responsible for doling outthe loans, expect to issue more loans this summer and is in the process of applyint to HUD for additional funds. If grantedx additional funds, the city expects it could make a totalof $70 million available to stalled developments.