Sunday, June 1, 2014

PCCP, LLC Provides $98 Million Loan to Northland Investment Corp. to Finance Construction of a 269-Unit Multifamily/Retail Property in Waltham, MA


John Randall
New York, NY – PCCP, LLC announced it has provided a $98 million loan to finance the construction of a 269-unit Class A multifamily property that also includes 27,595 square feet of ground floor retail space.

The project is located at a prime intersection at Moody Street and Main Street in the heart of Waltham, Massachusetts, a thriving city nine miles west of Boston. The owner/developer is Northland Investment Corporation.

 The property will include three, five-story buildings with 242 market rate multifamily units and 27 affordable units, as well as 392 below and at-grade parking spaces.

With demolition work currently underway, the project will undergo a two and a half year construction process, with final completion in mid-2016. The first phase of apartments will be ready for occupancy in the summer of 2015.

 “This loan provides PCCP with the opportunity to finance an extremely well-located and well-conceived product in an infill Boston suburb,” said John Randall, senior vice president with PCCP. “Additionally, we have full confidence in Northland, a highly experienced developer with an impressive track record of delivering, stabilizing, and managing projects of a similar nature.”

Steven P. Rosenthal
 “This is a very exciting development for us and for the City of Waltham. Moody & Main is a true transit-oriented development that will create a new and vibrant neighborhood in the center of downtown,” said Steven P. Rosenthal, President and CEO of Northland.

 “We are very pleased to have completed the financing for this landmark project with PCCP.  PCCP structured a financing that met our needs and the transaction process was seamless.”

 The high-quality project will feature washers and dryers, dishwashers, walk-in closets, stainless steel appliances, European-style cabinetry, and solid stone countertops in all of its residential units.

 Additionally, the residents will have access to a roof top deck, outdoor patio/courtyard area, onsite management, a fitness center, library, game room, and richly appointed clubroom. The interior court will be landscaped and linked to Moody Street via a wide breezeway at the ground level.

 The well-located property is within minutes of the I-95/Route 128 office corridor and is a one-block walk from the Waltham MBTA commuter rail station and bus stop, as well as the scenic Charles River.  It is proximate to both Brandeis University and Bentley College.

For a complete copy of the company’s news release, please contact:

Darcie Giacchetto
Spaulding Thompson & Associates

949.278.6224

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