New York, NY, – May 27, 2014 – (RealEstateRama) — PCCP, LLC announced today it has provided a $98 million loan to finance the construction of a 269-unit Class A multifamily property that also includes 27,595 square feet of ground floor retail space. The project is located at a prime intersection at Moody Street and Main Street in the heart of Waltham, Massachusetts, a thriving city nine miles west of Boston. The owner/developer is Northland Investment Corporation.
The property will include three, five-story buildings with 242 market rate multifamily units and 27 affordable units, as well as 392 below and at-grade parking spaces. With demolition work currently underway, the project will undergo a two and a half year construction process, with final completion in mid-2016. The first phase of apartments will be ready for occupancy in the summer of 2015.
“This loan provides PCCP with the opportunity to finance an extremely well-located and well-conceived product in an infill Boston suburb,” said John Randall, senior vice president with PCCP. “Additionally, we have full confidence in Northland, a highly experienced developer with an impressive track record of delivering, stabilizing, and managing projects of a similar nature.”
“This is a very exciting development for us and for the City of Waltham. Moody & Main is a true transit-oriented development that will create a new and vibrant neighborhood in the center of downtown,” said Steven P. Rosenthal, President and CEO of Northland. “We are very pleased to have completed the financing for this landmark project with PCCP. PCCP structured a financing that met our needs and the transaction process was seamless.”
The high-quality project will feature washers and dryers, dishwashers, walk-in closets, stainless steel appliances, European-style cabinetry, and solid stone countertops in all of its residential units. Additionally, the residents will have access to a roof top deck, outdoor patio/courtyard area, onsite management, a fitness center, library, game room, and richly appointed clubroom. The interior court will be landscaped and linked to Moody Street via a wide breezeway at the ground level.
The well-located property is within minutes of the I-95/Route 128 office corridor and is a one-block walk from the Waltham MBTA commuter rail station and bus stop, as well as the scenic Charles River. It is proximate to both Brandeis University and Bentley College.
Headquartered less than five miles from the property, Newton, MA-based Northland Investment Corporation is a privately held, vertically-integrated real estate investment company focused on the acquisition, development, and management of multifamily and commercial real estate throughout the United States. With $3.0 billion in assets under management, Northland is one of the top fifty owners of multifamily assets in the U.S. The Company currently owns 86 properties totaling over 20,000 multifamily units and 18 million square feet in ten states. Northland’s portfolio also includes over 1.6 million square feet of office, retail and commercial assets. Northland manages six real estate investment funds focused on the maximization of risk-adjusted returns through value-added acquisition, development asset management and property management strategies.
About PCCP, LLC: PCCP, LLC is a premier real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has over $6 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco, Sacramento and Los Angeles, PCCP has a proven track record for providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP originates and services each of its investments, ensuring that clients benefit from added value and outstanding investment returns. Since its inception in 1998, PCCP has successfully raised, invested and managed approximately $9 billion of institutional capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with proven operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.