Judge Joan Feeney ruled that the developer, SW Boston Hotel Venture, is making progress stabilizing its finances and should be allowed to continue to do so without the threat of foreclosure by Prudential. The insurance company had provided a $192 million loan for the development of the W Hotel and 123 condominiums on Stuart Street in Boston, and is the primary creditor in bankruptcy proceedings.
SW Hotel Venture "has shown sufficient progress during this Chapter 11 case to support the conclusion that there is a reasonable possibility of a reorganization within a reasonable time," Feeney wrote in a 50-page ruling issued today.
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