Boston BusinessJournal
The mortgage on the property is currently at $209 million,divided into two parts, a $190-million piece, which Fitch Ratingshas noted as a "loan of concern" and an $18.5-million piece. "Theborrower has requested draws from the debt service reserve to fundmonthly shortfalls," Fitch says in its report.
With little cash flow, simply servicing the loan is becoming afast-approaching issue for the project. And Fitch's estimates,based upon the rising vacancy and lowering property values, theproject's LTV is roughly 130%.
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