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Cambridge Savings Bank has provided a $61.7 million construction loan to The Michaels Organization for a mixed-income multifamily in Dorchester, MA.

Cambridge Bank Funds $62M New-Construction Multifamily in Dorchester

Cambridge Savings Bank has provided a $61.7 million construction loan to The Michaels Organization for the construction of a 219-unit, mixed-income apartment building in Dorchester, MA.

The project, which will feature both market-rate and affordable units, consists of a mix of studios, one-bedrooms, and two-bedrooms along harbor views from a rooftop deck, 24-hour fitness center, dog park and a common area for work-from-home and entertainment purposes.

According to the lender, Michaels is the largest private sector owned affordable housing in the US and currently rehabilitation project underway in Springfield, MA in collaboration with MassHousing.

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Cambridge Savings Bank

About Lisa McDuffie

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.

  • ◦Development
  • ◦Financing
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