Colliers Capital Markets arranges $128.7 million construction loan for 465 unit multi-housing development in Quincy, MA: Massachusetts Homebuyers Homeownership 

Quincy, MA – Colliers Capital Markets announced that it has arranged $128.7 million in construction financing for Ashlar Park, a four hundred sixty five unit, Class A, transit oriented multifamily community currently under construction at the site of the former Quincy Medical Center in Quincy, Massachusetts. Colliers worked exclusively on behalf of FoxRock Properties, a South Shore-based single-family office and a fast growing commercial real estate firm in the Greater Boston area. 

 To secure a senior construction loan through Citizens Bank, N.A.Upon completion, the Arrowstreet designed community will offer a uniquely suburban experience while remaining adjacent to Quincy’s dynamic urban core. As a first class, modern residential campus, Ashlar Park will feature four hundred and sixty five market rate apartments across four (four) newly constructed wood framed residential buildings with five hundred ninety parking spaces, several acres of community green space, and nineteen thousand five hundred square feet of amenity space housed within the restored Quincy Medical Center Administration Building.

 The campus will include outdoor spaces filled with winding paths and peaceful retreats as well as amenities including an outdoor terrace overlooking a resort style pool with cabana and lounge areas; a three thousand two hundred square foot fitness center with outdoor yoga space; a multi level club room/resident lounge; 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. The Colliers Capital Markets Debt Advisory team representing the borrower was led by National Debt & Equity Platform Leader, Jeff Black, and Assistant Vice Presidents Bryan Koop and Sean Burke.

 The expansive fifteen acre site is strategically located less than half of a mile from the Quincy Center MBTA Station (Red Line & Commuter Rail), offering future residents a direct twelve minute commute to Downtown Boston and twenty five minute trip to Kendall Square/MIT.“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,” said Black. “Our highly competitive process yielded exceptional results and on behalf of Colliers Capital Markets, I want to congratulate FoxRock on this milestone achievement. I can’t wait to see what they do next.”

The post Colliers Capital Markets arranges $128.7 million construction loan for 465-unit multi-housing development in Quincy, MA appeared first on Boston Real Estate Times.

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