CIT Group and Square Mile Capital Management announced that they have originated a $63.9 million loan to finance the development of The Caldwell, a 259-unit, 180,000 S/F high-rise rental residential project with ground floor retail being developed in Lynn, MA.
The financing was provided to a joint venture between affiliates of The Carlyle Group, a global investment firm, and The Procopio Companies, an experienced, local developer based in Lynnfield, MA.
The financing was arranged by Jeff Black of Colliers International’s Boston office.
“The Greater Boston area remains a strong market for residential development, especially where there is ready access to mass transit,” added Matthew Galligan, president of CIT’s Real Estate Finance division.
“We were pleased to leverage our expertise in multifamily construction financing to help make this project a reality.”
Square Mile Capital Vice President Mike Kusy added, “We are excited to have the opportunity to provide financing to the experienced partnership of Carlyle and Procopio for a project that will catalyze continued housing growth within Lynn and the surrounding markets.
“This transaction allowed us to further expand our lending portfolio in Boston by capitalizing an asset that will be well-positioned as one of the highest quality apartment buildings north of Boston with strong transit accessibility.”
The 10-story transit-oriented development is located in downtown Lynn, MA, approximately ten miles north of Downtown Boston adjacent to an MBTA Commuter Rail Station with access to the city via a 20-minute train ride.
Once completed, The Caldwell will feature luxury finishes, a best-in-class amenity package that will include a rooftop deck, swimming pool, fitness center, and sports/gaming lounge, and unique high-rise views.
