FleetBoston Financial Corp. is providing $55 million, which, according to Alison Gibbs, spokesperson for the company, is "just a construction financing." But the $80 million project is reportedly fully financed and InterCapital has begun to work on the building.
Lenders in this area are becoming increasingly wary when it comes to financing large projects as talk of a downturn in the real estate market is making them more fearful. There are a number of other 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 a lower-level apartment to three million dollars for a penthouse. The Houston-based company's plans are to complete the building in 2002.
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