Special report: High rise, high stakes.
They’ve lost $8.65 million of their own money, but the developers of Greenbridge say they have five investors willing to help save the $56 million condominium towers from foreclosure.
Three people have offered to assume the project’s loan debt and two others are willing to put up between $2 million and $4 million each to cover remaining costs the bank won’t cover, developer Tim Toben said in an interview Thursday.
Bank of America, which financed Greenbridge with a $43.5 million, three-year construction loan, started foreclosure proceedings earlier this month.