Jones Street Lands $31M for Massachusetts Development
- Jun 19, 2019
A planned Class A mixed-use residential and retail development with 193 apartments and 11,500 square feet of retail is moving along in an Opportunity Zone in North Attleboro, Mass. The project received a $30.9 million construction loan from Cambridge Savings Bank.
Boston Realty Advisors, a boutique real estate advisory and brokerage firm, secured the five-year loan for sponsor Jones Street Investment Partners. The firm’s debt placement team representing JSIP included Managing Director & Partner Nicholas Herz; CEO & founder Jason Weissman; and Associate Director Kevin Benzinger.
JSIP is replacing the dilapidated L.G. Balfour Building in downtown North Attleboro with the ground-up redevelopment at 21 East St. The site is situated within one of two designated North Attleboro Opportunity Zones. It is the first Opportunity Zone development to be this far along in Massachusetts, according to Boston Realty Advisors.
The 4.3-acre transit-oriented development will include a fitness facility, restaurant, outdoor parking and shuttle service to multiple MBTA stations. With 193 market-rate units planned for four buildings, delivery will be phased in beginning the first quarter of 2020.
Opportunity Zones Picking Up
Part of the Tax Cuts and Jobs Act of 2017, the Opportunity Zones incentive is a new community investment tool designed to encourage long-term investments in low-income urban and rural communities across the United States. Opportunity Zone investments are beginning to move forward in places like North Attleboro after the Internal Revenue Service provided more guidance to investors in April.
Earlier this month, VITA Development Group secured a $21.1 million loan from Walker & Dunlop to begin construction of Kodak Crossing, a 192-unit workforce housing community on a 12.7-acre site in Kodak, Tenn. The community is about 20 miles east of downtown Knoxville, Tenn. Located across the street from a Bass Pro Shop, Kodak Crossing will have a mix of one-, two- and three-bedroom apartments.