Citizens Bank Provides $129M Construction Loan for Multifamily Development in Mass.
FoxRock Properties has secured $128.7 million in construction financing for Ashlar Park, a 465-unit, Class A transit-oriented multifamily community in Quincy, Mass., Commercial Observer can first report. Citizens Bank provided the construction loan.
Colliers negotiated the debt on behalf of FoxRock Properties, with Jeff Black, Bryan Koop and Sean Burke leading the deal.
Located at 114 White Street, Ashlar Park is currently under construction at the site of the former Quincy Medical Center. All told, the project will have 465 market-rate apartments spread across four new buildings along with 590 parking spaces and community green space. The former Quincy Medical Center administration building will also be restored into 19,500 square feet of amenity space.
Ashlar Park also will include an outdoor terrace overlooking a resort-style pool with cabana and lounge areas, a 3,200-square-foot fitness center with outdoor yoga space, a multi-level resident lounge, a coworking space, a library and conference rooms.
The first apartments will open in April 2023, with all units expected to be completed in April 2024, according to a release.
“It was a real privilege to arrange this financing for a sophisticated local developer seeking to deliver a true community-oriented product in one of Greater Boston’s most dynamic growth corridors,” Black told Commercial Observer. “The Boston metro area is incredibly well banked at the local and regional level.”
FoxRock Properties and Citizens Bank officials did not immediately respond to requests for comment.
Update: This story originally misattributed source material. This has been corrected. We apologize for the error.
Emily Fu can be reached at efu@commercialobserver.com.
