In what will come as no shocker to those who are in the know, the W Boston Residences have won their latest court battle against Prudential. For those that aren’t following the situation, Prudential was attempting to foreclose on the W project and the W entered into Bankruptcy protection to prevent this.
In this latest ruling, the judge agreed that residences and hotel provided sufficient collateral to allow a restructuring. The loans currently have an interest rate of 9.5% the restructuring would allow the rate to be dropped to 5-6%. One of the major points of the case was the value of the hotel and the judge ruled that Prudential had major flaws in how it had calculated that value.
For those interested in purchasing at the W the most opportune time is now as deals can still be had due to the protection still placed, but you can be secure in the knowledge that the building will emerge from protection in the next 4 months. The current stats for the building show 29 sold units and 13 more that are under-agreement. If you are interested in seeing what the W has to offer give us a call at 617-449-3642.