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| 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.”
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| 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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