BPDA Photo

Businesses that lease space in Boston Planning & Development Agency properties can seek to defer rent from April through June if they’ve been financially suffering from the effects of the COVID-19 crisis.

BPDA directors on Thursday authorized the measure for tenants of its 13 million-square-foot real estate portfolio, including the Charlestown Navy Yard, China Trade Building and the Raymond L. Flynn Marine Park in South Boston. BPDA lease and license fixed-rent revenues totaled nearly $21 million in fiscal 2019.

Requests will be approved on a case-by-case basis for tenants who were current on their rent through March 2020. Deferments will be approved on a case-by-case basis subject to BPDA board approval, with the term and amount determined after a financial analysis.

The application requires tenants to provide monthly sales figures, recent financial statements and the effects of COVID-19 on sales. It also seeks information on number of employees, recent job reductions, whether the company has business interruption insurance and other assistance programs it may be seeking.

The BPDA said it may seek to extend the measure behind June if necessary.

BPDA Tenants Can Seek Rent Deferment

by Banker & Tradesman time to read: 1 min
0