BOSTON -- Bank of Boston has closed a $26 million loan for building a nine-story office building in the city's blighted Roxbury area.
A bank official said the loan would help meet objectives of the Community Reinvestment Act.
All 165,000 square feet of office space have been leased in advance to the Massachusetts Registry of Motor Vehicles.
Banque Indosuez and Shawmut National Corp. are participants in the loan to Ruggles Center Joint Venture.
Boston-based Property Capital Associates has arranged with a syndicate of trade union pension funds for a long-term mortgage to replace the construction loan once the project is complete.