First OZ Project in Massachusetts Secures $31M in Construction Financing
Boston Realty Advisors reports it has secured a $30.9-million construction loan for the ground up redevelopment of 21 East St. in North Attleborough, into a Class A apartment property that will consist of 193 market rate apartment units and approximately 11,500 square feet of retail.
NORTH ATTLEBOROUGH, MA—Jones Street Investment Partners has secured construction financing for the first Opportunity Zone project to break ground in Massachusetts.
Boston Realty Advisors reports it has secured a $30.9-million construction loan for the ground up redevelopment of 21 East St. in North Attleborough, into a Class A apartment property that will consist of 193 market rate apartment units and approximately 11,500 square feet of retail.
Boston Realty Advisors worked on behalf of the sponsor, Jones Street Investment Partners. The five-year loan was provided by Cambridge Savings Bank.
The redevelopment project is replacing the dilapidated L.G. Balfour Building, which is situated within one of the two designated North Attleborough Opportunity Zones. The project is the first Opportunity Zone development to be this far along in the Commonwealth of Massachusetts, Boston Realty Advisors notes.
The transit-oriented development sits on 4.3 acres and will include a fitness facility, a new restaurant, outdoor parking and shuttle service to multiple MBTA stations. Phased delivery of the project will begin in the first quarter of 2020.
The Boston Realty Advisors debt placement team representing the borrower included managing director and partner Nicholas M. Herz; CEO and founder Jason S. Weissman and associate director Kevin Benzinger.
“The loan from Cambridge Savings Bank speaks volumes about the future success of suburban development,” Boston Realty Advisors’ Herz says. “Jones Street Investment Partners demonstrated an indomitable ability to navigate this opportunity zone investment, creating a true win-win for all stakeholders.”
In April, Boston Realty Advisors Capital Markets team announced it had recently completed the off-market sale of 249 Corey Road and 150 Jordan Road in Boston / Brookline, MA. The site currently consists of 34,838 square feet of land and is improved by an 8,823-square-foot building, which was the former Corey Hill Nursing Home. The seller was 249 Corey LLC and the buyer was an affiliate of Brookline Development Group.