Greenwich YMCA halts expansion project amid budget woes

Greenwich, Conn.’s landmark YMCA is in trouble, after a planned expansion project led to a stalled construction site and a defaulted loan, according to Bloomberg News. The Y began the project — which includes a new, Olympic-size pool — roughly five years ago. But as the cost climbed by 60 percent during the course of the project, eventually reaching $41 million, the Y was forced to enter negotiations with its creditors, including JPMorgan Chase, and delay construction as it tries to raise more cash. The capital shortfall has come as a shock to some residents in Greenwich, which is known to many as a hedge fund haven, where an average home sells for $2.5 million, according to Bloomberg. [Bloomberg]