Cambridge, Massachusetts – (Commercial wire) –Cambridge Savings Bank (CSB) announced today that it is a full-service reciprocal bank with a customer-centric approach and over $ 5 billion in assets, offering a $ 61.7 million construction loan. Michaels Organization (Michael’s), a national leader in residential real estate with more than 175,000 residents in 37 states, the District of Columbia, and the US Virgin Islands.
Michaels has opened a modern 219 unit apartment in the Dochester district of 780 Morrissey Boulevard. The proposed development, which includes affordable market-priced units, consists of a combination of studios, one-bedroom and two-bedroom apartments with an average unit size of 622 sq ft. The apartment complex offers views of the harbor with a roof terrace, 24-hour fitness center, dog park, and common areas for telecommuting and entertainment.
“Strategic growth into new territories would not be successful without a reputable local partner, so we partnered with Cambridge Savings Bank,” said Michaels Organization’s Vice President of Development and Principal Developer of the Project. Jailusso says. “We look forward to growing with them on the first Greenfield project in Boston and building an affordable housing community in Dorchester with amenity-rich units.”
The CSB noticed the project in question and contacted the Michaels organization for funding opportunities. After the initial introduction and in-depth discussion, it became clear how committed each organization was to community-focused investments, long-term relationships, and shared corporate value.
The comprehensive due diligence process culminated in CSB approval to fund the construction of the 780 Morrissey project, which will end its loan in the fourth quarter of 2021. Demolition and land preparation will begin in October 2021, construction will take approximately 22 months and will be completed in July 2023. ..
Based in Camden, NJ, Michaels is the largest affordable private home in the United States. This is his first new construction in Massachusetts, but Michaels is in the process of a major rehabilitation project in Springfield. Mass housing..
Michael’s regional presence in Massachusetts includes development experts and asset management teams, and Boston is the organization’s primary market for affordable market value development. As they build in the Boston community, Michaels looks to the CSB to deepen their partnership while navigating many of the potential deals in the Massachusetts real estate market.
“We are proud to be able to help establish a Michaels organization in the Boston metropolitan area and look forward to helping the community transformed by the 780 Morrissey project,” he said. David OSenior Vice President – CSB CRE Senior Loan Officer. “CSB’s relationship-driven approach to partnering with Michaels not only looks forward to working with them on this project, but also looks forward to tackling potential new opportunities in the coming years. increase.
For more information on CSB’s commercial real estate lending team, please visit: Savingscambridge.com Or contact Aidan Hume. ahume@cambridgesavings.com..
About Cambridge Savings Bank
Cambridge Savings Bank is a full-service banking institution with over $ 5 billion in assets. As a mutual bank, CSB is committed to improving the quality of life of its employees, customers, and communities of service. Cambridge Savings Bank, one of Massachusetts’ oldest and largest community banks, offers a full range of personal and business banking services, including Arlington, Bedford, Belmont, Burlington, Cambridge, Charlestown and Concord. We have branches in Lexington, Melrose and Newton. Somerville and Watertown. Visit us at cambridgesavings.com or, better yet, stop by one of our branches to find out more about how we can meet your needs. FDIC member. Fair home lender. NMLS identification number 543370
About Michaels Organization
The Michaels Organization is a national leader in residential real estate, providing comprehensive development, wealth management, construction and investment management services. Michaels serves more than 175,000 residents in more than 440 communities in 37 states, the District of Columbia, and the U.S. Virgin Islands, working to create housing solutions that promote education, public participation, and prosperity. I’m out. For more information, please visit Michaels.com.