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Image courtesy of Pelli Clarke & Partners
Two well-known Boston real estate developers and a pair of the city’s leading architectural firms are recipients of payroll protection program loans designed to retain more than 500 jobs during the COVID-19 pandemic.
HYM Investment Group, developer of the 1 million-square-foot One Congress office tower and the proposed 16.5 million-square-foot Suffolk Downs redevelopment, received a loan in the $350,000-$1 million range from First Republic Bank to retain 37 jobs, according to data released Monday by the Small Business Administration.
Boston Global Investors, the original master developer of the 7.7 million-square-foot Seaport Square development, received a loan in the $150,000-$350,000 category from First Republic Bank to retain nine employees. The firm is seeking approval for another major development in the Seaport District, a 20-story office tower on Massport’s 401 Congress St. parcel, and has approval to redevelop the Motor Mart Garage on Stuart Street with a 20-story residential addition.
Elkus Manfredi Architects received a $5-10 million loan from Boston Private Bank and Trust Co. to retain 271 employees, while CBT Architects successfully applied for a loan in the $2 million to $5 million range from Bank of America for 210 employees.
The SBA released the data for businesses receiving more than $150,000 in loans under the program amid calls for more transparency of the $2 trillion CARES Act federal relief package.
