The mortgage on the property is currently at $209 million, divided into two parts, a $190-million piece, which Fitch Ratings has noted as a "loan of concern" and an $18.5-million piece. "The borrower has requested draws from the debt service reserve to fund monthly shortfalls," Fitch says in its report.
With little cash flow, simply servicing the loan is becoming a fast-approaching issue for the project. And Fitch's estimates, based upon the rising vacancy and lowering property values, the project's LTV is roughly 130%.
To read the full Boston Business Journal article, click here.
Read more: Congress Street complex hurting for cash - Boston Business Journal:
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