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Among the projects gettingg a boost from the Boston Investss In Growthprogram are: Sawyerr Enterprises’ 235-room W Hotel in Boston’s Theatedr District, which will receive $10 million to complete the future site of the $33 million Shops at Riverwood in Hyde Park, which will receive a $5 million loan to start construction; and Gloria’s Market in Southn Boston, which will receive $700,000 to enable its developers, Pappads Enterprises, to complete construction, accordingy to a press releass from Mayor Thomas M. Menino’s office. Menino said the loans, which are fundesd through the , will enablee the three developments tomove forward.
Boston Investas is a $40 million loan pool providing mezzanine funding to projecte that have permanent financing and equity in The first three loane are expected to close laterthis month. The three projects represent a $230 million in total investmentsd and are expected to create 650new jobs, according to the In order to be eligible for a loan from Bostoh Invests, projects must be over 20,00o0 square feet and create one full-time job for everyy $35,000 invested. The city set aside 10 percentg of the loan pool forsmaller neighborhood-baserd projects of at least 5,000 square feet.
The City’s , whicuh is responsible for doling outthe loans, expectw to issue more loans this summerr and is in the process of applying to HUD for additionao funds. If granted additional the city expects it could make a totalof $70 milliob available to stalled developments.
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