By Steve Adams | Banker & Tradesman Staff | Jun 5, 2018
The first high-rise development in Cambridge’s Central Square has obtained a $110 million round of construction financing. The mixed-income Mass+Main project including 308 apartments and 16,000 square feet of retail space closed on the construction loan from New York Life Insurance Co. and East Boston Savings Bank in late May. Twining Properties and MassPRIM are partnering on the $190 million project, which includes 61 income-restricted units at Massachusetts Avenue and Main Street.
Construction thus far has been funded through developers’ equity. The project includes a 19-story tower and a 6-story building with studio and roommate units, both of which are financed by New York Life Real Estate Investors and designed by CBT Architects, and scheduled for completion in 2019 and 2020. A 4-story building on Bishop Allen Drive scheduled to open this fall will contain larger units for families and was financed by East Boston Savings Bank and designed by Bruner/Cott Architects.
Twining Properties previously developed the 465-unit Watermark Kendall in Cambridge and 346-unit Watermark Seaport residential complexes in Boston’s Seaport District.