The Residences at W Boston are about to come busting out of Chapter 11. To recap:
· The 123-unit condo and hotel tower went up in the Theater District, where Bay Village meets Chinatown, in 2009. It was developed by SW Boston, which is run by Carol Sawyer Parks, daughter of Hub taxi magnate Frank Parks.
· SW Boston filed for bankruptcy protection in April 2010.
· Last fall, Prudential Insurance Co. of America moved to foreclose on the 26-story glass tower in the Theater District, where Bay Village meets Chinatown. Attorneys for the project's biggest creditor argued that the developer had defaulted on a $180.8 million mortgage.
On Monday, a federal judge ruled that all was hunky-dory with the project.
In particular, the judge approved of SW Boston's reorganization plan and rejected Prudential's foreclosure bid, according to The Herald's Thomas Grillo. The best part of it all? According to Sawyer Parks, the condo units have been selling and the creditors will now "get paid in full." Yay!
“Fortunately, we have been able to maintain our successful sales level during this time because of the strength of the downtown Boston housing market and the W brand,” Parks, daughter of Hub taxi magnate Frank Sawyer, said in a statement. “We will continue our commitment to providing luxurious amenities and service to all of our residents.” ...
[D]uring the 14 months prior to the initial hearing, the W generated net sales proceeds of $33.7 million, compared to their projection of $34.3 million. [The judge] also noted that from Nov. 1, 2010 and June 30, 2011, the W sold 22 more condos, netting another $25 million.
All total, 52 of the 123 condos have been sold, and eight more are in contract. Plus! SW Boston has paid down its debt to Prudential. It now owes only $49 million.
· W Hotel Condo Developer To Exit Bankruptcy [Herald]