Mack-Cali Lands $73M Loan for Boston Luxury Community
Citizens Bank arranged the loan for Roseland, a subsidiary of Mack-Cali Realty Corp., to finance construction of its latest project in East Boston.
Boston—Mack-Cali Realty Corp. subsidiary Roseland Residential Trust can now move forward with construction of its newest luxury apartment community on the East Boston waterfront thanks to a $73 million construction loan arranged by Citizens Bank.
The new community, called Portside 5/6, will be a five-story, 235,078-square-foot property with 296 units and 253 parking spaces located on East Boston’s waterfront. The community marks the second phase of a larger development, Portside at East Pier, and is scheduled for completion in December 2017. The first phase of the development, a 181-unit luxury community with ground-floor retail called Portside 7, was completed in 2014. Citizens also provided financing for the first phase.
Roseland acquired its majority partner and joint venture partners’ interest in Portside 7 in July, making it the 100 percent owner of the community and the remaining Portside development parcels (Portside 1-4), which will bring 160 more apartments. The acquisition costs totaled about $39 million, according to a Mack-Cali release.
Once the full development is complete, it will feature more than 70,000 square feet of retail, including a theater, fitness center and business center. The site also includes 26 acres of publci open space and marina on the waterfront that will become part of the Harborwalk.
Located within walking distance of the Maverick Blue Line T Station, Portside 5/6 will feature in-unit washers and dryers, quartz countertops, stainless steel applainces and wine coolers in select units. The amenity package also fits the bill for a luxury lifestyle, with offerings including a spin bike studio, golf simulator, demonstration kitchen with private dining, media room, indoor pool with lockers, and a rooftop deck with grills, a fire pit and lounge seating. There will also be a dog run, 10.5-acre pier park, onsite ferry service, 18-hour concierge and dry cleaning services.
“This is an important project for Boston that contributes to the ongoing transformation of the East Boston waterfront and Roseland has been an excellent client for Citizens for many years,” said Gary Magnuson, EVP & head of commercial real estate at Citizens Bank.
Roseland became a subsidiary of Mack-Cali in 2012, and Roseland Residential Trust was formed this year to own, manage and develop Mack-Cali’s luxury multifamily portfolio. Other notable developments from Roseland include: Port Imperial, a $3 billion, 200-acre, mixed-use development on the Hudson River Waterfront in New Jersey; The Highlands at Morristown Station, NJ TRANSIT’s first Transit Village project that has helped revitalize downtown Morristown; and Portside at East Pier in East Boston, where Roseland is redeveloping a half mile of Boston Harbor into a luxury mixed-use community.
The firm is also developing two other luxury communities in Boston, The Chase II at Overlook Ridge and 145 Front @ City Square.
Photo courtesy of Roseland