Greater Boston Multifamily Project Gets Financial Help
- Jul 22, 2015
Skyrocketing rents and shrinking inventory make Boston one of the most expensive cities in the nation. That’s enough of a reason for renters to hunt for more affordable housing options outside The Hub—and for developers to respond to the demand.
A joint venture between Campanelli and Thorndike Development received financial backing for a multifamily project in Norton, a town situated 40 miles south of Boston. First Niagara Financial Group announced this week it provided $25 million in financing towards the construction of a rental community located at 274 E. Main St. The structured financing included financing and permitting involvement from the Massachusetts Housing Partnership, as well as mezzanine financing provided by Cornerstone Real Estate Advisors. The total development cost is estimated to amount to $45.21 million.
274 E. Main St. is already under construction on a 15-acre site near Red Mill Village, a complex of owner-occupied homes that was recently completed by Thorndike. The rental community will include 188 apartment units—25 percent of which will be set aside as affordable housing—in a combination of one-, two- and three-bedroom units averaging 1,088 square feet each.
The 270,000-square-foot community will contain four three-story buildings and three four-story buildings, as well as an on-site leasing and management building, a fitness center, a business center, a heated pool, a game room, and outdoor patios. Project plans also call for storage and mechanical spaces and parking garages.
Monthly rents at 274 E. Main St. will range from $1,614 to $2,300 for the market-rate apartments, and from $1,000 to $1,307 for the affordable housing units.
Rendering via 274eastmainstreet.com