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Cambridge Saving Bank Leads $93M Build Loan for Innes Redevelopment Project in Chelsea
Cambridge Savings Bank, a full-service banking institution with $6 billion in assets, has been named lead bank in a $93-million construction loan to support the Innes Redevelopment Project with the development of two new multi-purpose buildings in Chelsea, MA.
The $155-million project is being led by co-developers John M. Corcoran & Company and Joseph J. Corcoran Company, in partnership with real estate private equity firm Marcus Partners. The team will utilize the capital to replace the eight existing buildings at the Innes Apartments (constructed in the 1950s) and build a 350,000-square-foot mixed use community.
The redevelopment project will provide new homes for the current residents of Innes with 96 units of public housing while offering 40 units of middle-income opportunities for new tenants, including 194 market-rate multifamily apartments near public transportation. The mixed-income redevelopment will include onsite amenities for residents and ground-floor retail space to activate the Central Avenue Smart Growth area.
- ◦Development
- ◦Financing
