AAM Danvers Residences Secures $44M for Mixed-Use Development in Danvers
AAM Danvers Residences, LLC has secured $44M in financing from Rockland Trust for the construction of Maple Square, a mixed-used development in downtown Danvers, MA.
Maple Square will be comprised of 145 apartments, 20% of which will be affordable housing units and ground floor retail space. The project will also include a 1,334-square-foot adaptive reuse freight house next to a public park proposed for restaurant use.
According to Rockland Trust, a full-service commercial bank headquartered in MA, Maple Square is following a national trend of town center walkability and convenience within an affluent suburb market with access to the city.
“The proximity of this concierge apartment complex to local businesses will provide a major stimulus to the local community,” said David R. Masse, CEO and founder of AAM 15 Management, an independent private equity hotel investment and management company.
Maple Square is 20 miles north of downtown Boston and accessible to over 320,00 jobs within 30 minutes of the property.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.
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