In a statement Brown notes that his firm received the final term sheets for the HUD loan that was awarded to his project. "Upon evaluation of those terms, we have decided not to avail ourselves of this opportunity," he says. "As a result of the increasing stability of the economic climate, coupled with strong interest in our residences, we are most hopeful that we will be able to proceed with financing without the assistance of the program."
Brown could not be reached for comment beyond the released statement and it is unclear if his decision is related to criticism in the local papers about the use of public funds for such an upscale project. The city did not return calls by deadline to comment, but three other hotel projects had reportedly originally applied for the loan fund including a Grand Hyatt at Fan Pier in South Boston's waterfront and a hotel at One Court Square.
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