Colliers arranges $44.5m in construction financing for 145-units multifamily development

Norwood, MA Colliers completed the arrangement of $44.5 million in construction financing for 259 Lenox St., a 145-unit multifamily development. Colliers arranged the construction loan with Beacon Bank on behalf of the developer Tremont Asset Management LLC. The Colliers Capital Markets team representing the borrower was led by Patrick Boyle, Matt Lombardi Jr., and Rose Liu.

The project will deliver 145 apartment homes in a five-story residential community, with 20% of units designated as affordable. The development will feature a mix of junior one-bedroom, one-bedroom and two-bedroom residences, along with 169 surface parking spaces. Residents will have access to a best-in-class amenity package, including an outdoor pool and sun deck, fitness center, golf simulator, co-working spaces, grilling areas, bike storage and more.

“We identified this site for its exceptional transit connectivity and spent several years planning a project that will elevate the multifamily housing offering in Norwood,” said Sam Slater, managing partner at Tremont Asset Management LLC. “We are pleased to be partnering again with Beacon Bank as we move forward with the development of this exciting multifamily community.”

“We are pleased to further expand our relationships with Tremont Asset Management, SV+ Partners and Beacon Bank through another successful financing,” said Boyle. “The strength of the sponsorship, quality of the development and experience of the project team generated significant lender interest, and Beacon delivered an execution that aligned with our client’s objectives. We appreciate the collaboration among all parties involved and look forward to seeing the project make a meaningful impact on the market.” 

“Beacon Bank is grateful for the opportunity to once again support Tremont Asset Management LLC through its development of this project that will bring much-needed housing stock to the under-served Norwood market,” said Ryan Abbott, vice president at Beacon Bank. “We would like to especially thank Sam Slater and Pat Boyle for their trust in our ability to execute on the complex financing that this significant project required.” 

Situated adjacent to the MBTA Norwood Central Commuter Rail Station, the property offers direct rail service to downtown Boston in less than 30 minutes. The site is also within walking distance of Norwood Town Sq. and Norwood Plaza, providing convenient access to grocery, retail and dining options.

The Norwood/Rte. 1 South submarket has demonstrated strong multifamily fundamentals, with annual rental growth of 4.8% and average occupancy exceeding 95% over the past five years. Within a one-mile radius of the property, 46.1% of households are renters, and the submarket has absorbed nearly 1,000 apartment units during the same period. Demand continues to be supported by the area’s transit accessibility, proximity to Rte. 128 and Interstate 95 employment centers, and limited supply of newly delivered housing.