Colliers Secures Financing for Boston-Area Apartments
- Nov 30, 2017
Colliers’ Boston Capital Markets Group has arranged the joint venture equity and construction financing for the development of a 286-unit residential building located in the Greater Boston area. Working on the behalf of developer Post Road Residential Inc., Colliers arranged the partnership with CrossHarbor Capital Partners LLC and secured $57.45 million in construction financing through TD Bank N.A. and People’s United Bank.
Marketed as The Pioneer, the property is located on the edge of Chelsea and Everett, Mass. The MBTA’s new Silver Line Bus Rapid Transit (BRT), which provides access to Boston’s Seaport District and South Station, is a five-minute walk from the community. The completion of the Silver Line attracts transit-oriented living to the area, while the site at Revere Beach Parkway and Vale Street lies in close proximity to various retail and leisure amenities, such as grocery stores, a farmer’s market and several craft breweries.
Luxury living in a changing neighborhood
The Pioneer will be a six-story podium-style building, comprising 286 apartments, 425 parking spaces and 2,500 square feet of retail. Units will offer an average 869 square feet, ranging from studios to one-, two-, and three-bedroom apartments. With construction work on the horizon, completion of the first batch of units is planned for Fall 2018.
The Pioneer will include:
- dual-use coffee shop and leasing office
- bicycle parking and repair
- two-level fitness center
- high-definition golf simulator room
- resident lounge
- landscaped courtyard with heated pool
- rooftop lounge
The project represents the third ground-up debt and equity raise on behalf of Post Road Residential in the past three years for Colliers International. The previous two collaborations include The Corsair, a 238-unit residential development in New Haven, Conn., and a 215-unit apartment community set to open in December 2017 in Bloomfield, Conn.
Image courtesy of Colliers International