Norwood Apartments Secure Construction Financing from Beacon Bank
Colliers arranged $44.5 million in construction financing for 259 Lenox St., a 145-unit multifamily development in Norwood, MA. A Colliers Capital Markets team led by Patrick Boyle, Matt Lombardi Jr., and Rose Liu arranged the construction loan with Beacon Bank on behalf of developer Tremont Asset Management LLC.
The project will deliver 145 apartment homes in a five-story residential community, with 20% of units designated as affordable. It will feature a mix of junior one-bedroom, one-bedroom and two-bedroom residences, along with 169 surface parking spaces.
“We identified this site for its exceptional transit connectivity and spent several years planning a project that will elevate the multifamily housing offering in Norwood,” said Sam Slater, managing partner at Tremont Asset Management LLC. “We are pleased to be partnering again with Beacon Bank as we move forward with the development of this exciting multifamily community.”
Other News
Development Site Trades within Atlantic Avenue Mixed-Use Plan
Ariel Property Advisors closed the $21-million sale of a development site at 566 Grand Ave. and 836 Dean St. in Prospect Heights, Brooklyn. The corner development site comprises approximately 86,065 buildable square feet and traded for approximately $244 per buildable square foot. The transaction was arranged by Ariel partner Sean R. Kelly along with associate...
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Fourth Sale Closes in Anaheim Multifamily Portfolio
Marcus & Millichap arranged the sale of Knott-Orange Apartments, a 35-unit multifamily property located at 515 S. Knott Ave. in Anaheim. The property sold for $9.65 million, or $275,714 per unit. “This transaction marked the fourth closing from a larger Anaheim-area multifamily portfolio as the seller continues to reposition its holdings through a 1031 exchange...
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JLL Arranges $135M Financing for Luxury Multifamily in Yonkers
JLL Capital Markets arranged $135 million in construction financing and joint venture equity for the development of The Ibex at Ridge Hill, a 282-unit luxury multifamily community at the Ridge Hill mixed-use lifestyle center in Yonkers. Senior managing directors Evan Pariser and Aaron Niedermayer and director John Lowe arranged the senior construction loan with Bank...
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout