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It necessitates taking on a whole new loan.”The deal comes not a moment too soon for the Riverbay Corporation. Due to the urgency of certain repairs especially to the development’s ailing parking garages Riverbay reached an agreement with HFA months ago to pay only the principal on its mortgage in an effort to divert funds. But because bondholder payments are made in October, the balance, in the form of postponed interest payments amounting to almost $16 million, is nearing collection time.With the loan deal now imminent, Riverbay will use the $480 million to pay off the remainder of its mortgage with HFA, a sum that amounts to nearly $200 million.

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