Allston Multifamily Project Secures $90M In Financing: The Boston Deal Sheet
An apartment building in Allston secured financing after opening last year.
The 165-unit Alder at Allston Yards secured a $90M loan from Pacific Life Insurance Co., according to public records filed on Nov. 25.
The apartment project at 301 Guest St. broke ground in 2021 and opened in 2024, Banker & Tradesman first reported. The site is also home to a Stop & Shop on the ground floor.
The project is part of the larger Allston Yards, with plans to redevelop a 10.6-acre shopping center to include 868 units and a 373K SF office and lab building. The Boston Planning Department approved the 1.2M SF project in 2020.
The larger development is being constructed by New England Development, Bozzuto Development, Southside Investment Partners and Stop & Shop parent company Ahold Delhaize.
LEASES
Aspire Health Alliance signed a lease at 54 Miller St. in Quincy, NEREJ reported. The 26K SF behavioral health center, formerly known as South Shore Mental Health, has five locations across the South Shore. The mental healthcare center opened its office on Oct. 20.
Jack Conway’s Paul Durgin represented Aspire Health Alliance, and Colliers’ John Real represented the landlord in the deal.
FINANCING
MassHousing announced it will roll out a $25M financing round for its CommonWealth Builder fund for affordable homeownership development, B&T reported. The company has awarded nearly $221M since 2019 to 39 housing developments across the state.
The funds provide forgivable subordinate construction loans for projects that reserve units for first-time homebuying households earning between 70% and 120% of area median income.
Projects with extensive site preparation or environmental cleanup are also eligible for up to $2M per project.
PERSONNEL
Affordable Housing and Services Collaborative Inc. hired Shanon-Imani Benjamin as assistant development manager. In this role, Benjamin will assist on the Braintree-based nonprofit’s multiple development projects and work with stakeholders in all stages of the development process.
Prior to this role, Benjamin served as project engineer at Davis Construction in Maryland. She is an active member of the Urban Land Institute and Women of Color in Community Development.
CONSTRUCTION AND DEVELOPMENT
Two Needham transit-oriented projects have advanced under the state’s MBTA Communities Law. Local developer Matt Borrelli’s 14-unit project at 242 Hillside Ave. was approved by the town's design review board.
The second project, Greystar’s 189-unit development at 100-110 West St., was approved by the town’s planning board. Greystar plans to begin site work early next year.
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Nuestra Comunidad Development Corp. and Windale Developers filed plans for a 61-unit residential building in Roxbury. It is the seventh building of the redevelopment of a former MBTA bus and train maintenance yard.
In total, the project's master plan calls for the development of 383 homes and 30K SF of commercial space.
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The Massachusetts Port Authority’s board voted to designate Boston Marine Terminal LLC, owned by Chuck and Ann Lagasse, as the developer of a roughly 16-acre property, The Boston Globe reported.
The company would redevelop the property via a long-term ground lease and rebuild a 1,000-foot-long jetty adjacent to the site. The developer plans to run a ship repair and maintenance operator on the parcel as well as conduct freight operations.
