FleetBoston Financial Corp. is providing $55 million, which,according to Alison Gibbs, spokesperson for the company, is "just aconstruction financing." But the $80 million project is reportedlyfully financed and InterCapital has begun to work on thebuilding.
Lenders in this area are becoming increasingly wary when itcomes to financing large projects as talk of a downturn in the realestate market is making them more fearful. There are a number ofother luxury residential projects being developed in this area,including Trinity Place in the Back Bay.
Units in this building will range from $800,000 for alower-level apartment to three million dollars for a penthouse. TheHouston-based company's plans are to complete the building in2002.
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