Here are some more details on the sale of the Boston archbishop’s residence. First, we find out how the finances will work. Two banks will cover the cost of the $85 million settlement with the cathedral as collateral and two prominent Bostonians providing personal guarantees. They will also tap in the a $38 million line of credit extended by the Knights of Columbus, which uses the whole of the Brighton property as collateral. And the loans will be paid back from the sale of the property and the settlements from the two insurance companies, which the archdiocese said it will sue if they refuse to pay.
There’s also some info on how the land might be developed. It looks like the only people who would have a hope of developing it are non-profit institutions, like Boston College, who seems to be the front-runner right now. It will interesting to watch how this unfolds over the next year.
I don’t understand, David. I would think that the fact that they’re paying off the settlement using unneeded assets, without impacting parishes or ministries, would be a good thing. Sure, it’s terrible we’re in the situation in the first place, but this is a good use of resources to pay what we owe in justice.