JMC Kicks Off Boston-Area Community
Eastern Bank provided a $63.5 million construction loan.
John M. Corcoran & Co. has broken ground on The Devon at Weiss Farm, a 259-unit multifamily project in Stoneham, Mass. The development team also includes HDS Architecture and Callahan Construction Managers.
The developer took out a $63.5 million construction loan from Eastern Bank, according to public records.
The first phase of the community is scheduled for delivery in June 2025 and will consist of 12 townhomes, a 5,000-square-foot clubhouse and a 64-unit building. Upon full buildout, 25 percent of the apartments will be designated as affordable through the Commonwealth’s Chapter 40B law.
Units are expected to feature quartz countertops, stainless steel appliances, washers and dryers, along with private balconies or patios and walk-in closets in select layouts. Common-area amenities are set to comprise a fitness center, swimming pool, workout pods, coworking space with private booths, gaming area and lounge with central fireplace. Additionally, the property will have a coffee bar, pet spa, clubroom and a rooftop lounge with grill stations, as well as EV charging stations.
The five-story community is rising at 170 Franklin St. on the 25-acre site of a historic dairy farm, some 10 miles from downtown Boston and 13 miles from Boston Logan International Airport. The Towers Plaza shopping center is within 2 miles.
According to Yardi Matrix data, there are 109 communities under construction in metro Boston, which will add 20,260 units to the metro’s inventory upon completion. One of the current developments is a 210-unit community expected to come online next summer.