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 Whitwell Street, Ashlar Park is currently under construction at the site of the former Quincy Medical Center. Upon completion, the development will feature 465 market-rate apartments across four newly constructed wood-framed residential buildings with 590 parking spaces, several acres of community green space, and 19,500 square feet of amenity space housed within the restored Quincy Medical Center Administration Building.
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.
Delivery will be phased across the four residential buildings, with initial units delivering in April 2023 and total project completion anticipated for April 2024.
“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.
Emily Fu can be reached at firstname.lastname@example.org.