Greystar Gets $111M Construction Loan To Start Boston-Area Apartments
Multifamily giant Greystar has secured financing and begun construction on its fifth multifamily project in the fast-growing Boston suburb of Everett.
The developer announced Monday it broke ground on a 416-unit apartment building, branded as Juniper, at 201 Mill Road. It obtained a $111M construction loan from Mexico City-based Banco Inbursa for the project, a Greystar spokesperson told Bisnow.
The project represents the second phase of a 741-unit development that includes the adjacent Jade building. Greystar in late 2022 obtained a $100M loan from Brookline Bank that allowed it to break ground on that project. The South Carolina-based developer said this week it expects Jade to open early next year.
The seven-story Juniper building was designed by architecture firm Cube 3. Its amenities include three interior courtyards, a fitness room, a golf simulator and bike storage. The Juniper and Jade buildings have a combined 850 parking spaces and 10,500 SF of retail.
Greystar has developed three other apartment buildings in Everett's Commercial Triangle: the Mason, Maxwell and Anthem Everett. The five buildings combine for 1,905 units and $880M in investment.
“Juniper, alongside our numerous Everett developments, will transform and rejuvenate the city’s streetscape while bringing hundreds of new housing opportunities to current and future residents,” Greystar Senior Managing Director Gary Kerr said in a statement.
Everett, directly across the Mystic River from Boston, has seen new development moving forward in its Commercial Triangle downtown district and along its waterfront.
Wynn Resorts opened its waterfront Encore Boston Harbor casino in 2019, and it has planned a $400M expansion that was put on hold in May. Wynn last year acquired a 45-acre waterfront parcel where The Kraft Group is eyeing a new soccer stadium for the New England Revolution — a plan that took a step forward in the state legislature last week.
Another 100-acre waterfront site formerly home to an ExxonMobil tank farm sold in December to The Davis Cos. The developer told Bisnow in January it is planning a major mixed-use project with a focus on the emerging industries of clean tech and tough tech. And V10 Development is planning another 591 apartments across three buildings on the Everett waterfront.
