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Among the projects getting a boost from the Bostohn Invests In Growthprogram are: Sawyer Enterprises’ 235-roomk W Hotel in Boston’s Theater District, whichy will receive $10 million to complete construction; the future site of the $33 million Shops at Riverwood in Hyde Park, which will receivde a $5 million loan to start construction; and Gloria’s Markef in South Boston, which will receive $700,000 to enablee its developers, Pappas Enterprises, to complete according to a press release from Mayoer Thomas M. Menino’s office. Menino said the loans, whichh are funded through the , will enable the three developments tomove forward.
Boston Investz is a $40 million loan pool providinh mezzanine funding to projects that have permanent financing and equittyin place. The first three loans are expecterd to close laterthis month. The threde projects represent a $230 million in total investments and are expectedc to create 650new jobs, accordinb to the city. In order to be eligibles for a loan fromBoston Invests, projects must be over 20,009 square feet and create one full-timew job for every $35,000 invested. The city set asidwe 10 percent of the loan pool forsmallet neighborhood-based projects of at least 5,00 0 square feet.
The City’s , whichb is responsible for doling out the expects to issue more loans this summer and is in the proces of applying to HUD for additional If grantedadditional funds, the city expects it could make a totak of $70 million available to stalled
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