CAMBRIDGE, Mass.–(BUSINESS WIRE)–Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-focused approach and over $5 billion in assets, announced today that it has provided a construction loan of $61.7 million at The Michaels Organization (Michaels), a national leader in residential real estate with more than 175,000 residents in 37 states, the District of Columbia and the US Virgin Islands.
Michaels broke ground on a modern 219-unit apartment building in the Dorchester neighborhood, located at 780 Morrissey Boulevard. The proposed development, which will include both market-priced and affordable units, consists of a mix of studio, one-bedroom and two-bedroom units – with an average unit size of 622 square feet. The multi-family community will have a harbor view with a rooftop terrace, 24-hour fitness center, dog park, and common area for work-from-home and entertainment purposes.
“Strategic growth into new territory would not be successful without a reputable local partner, which is precisely why we partnered with Cambridge Savings Bank,” said Jay Russo, vice president of development at The Michaels Organization and developer principal of the project. “We look forward to growing alongside them on our first project in Boston with the construction of an affordable housing community featuring amenity-rich units in Dorchester.”
CBS has been informed of the project in question and has contacted The Michaels Organization to inquire about funding opportunities. After initial introductions and in-depth discussions, it was clear how committed each organization was to community-focused investments and long-term relationships, and shared corporate values.
A comprehensive due diligence process resulted in CSB approval to finance the construction of the 780 Morrissey project with the loan closing in the fourth quarter of 2021. Demolition and site preparation began in October 2021 and construction of the project is expected to take about 22 months to complete. in July 2023.
Based in Camden, New Jersey, Michaels is the largest privately owned affordable housing in the United States. Although this is their first new construction development in Massachusetts, Michaels has a major rehabilitation project underway in Springfield, working with Mass housing.
Michael’s regional presence in Massachusetts includes development professionals as well as a property management team, and Boston is a primary market for the organization for affordable, market-rate developments. As they build in the Boston community, Michaels will look to CSB to deepen their partnership as they navigate a host of potential transactions underway in the Massachusetts real estate market.
“We are proud to help establish The Michaels Organization in the Greater Boston area and look forward to supporting a community that will be transformed by the 780 Morrissey project,” said David AaultSVP – Senior CRE Loan Officer at CSB. “CSB’s relationship-focused approach to partnering with Michaels means that we not only look forward to executing this project alongside them, but also to potential new opportunities for years to come.”
For more information on CSB’s commercial real estate lending team, please visit cambridgesavings.com or contact Aidan Hume at email@example.com.
About Cambridge Savings Bank
Cambridge Savings Bank is a full-service banking institution with over $5 billion in assets. As a mutual bank, CSB is committed to improving the quality of life of our employees, our customers and the communities we serve. One of the oldest and largest community banks in Massachusetts, Cambridge Savings Bank offers a full range of personal and business banking services and has branches located in Arlington, Bedford, Belmont, Burlington, Cambridge, Charlestown, Concord, Lexington, Melrose, Newton, Somerville, and Watertown. To find out more about how we can meet your needs, visit us at cambridgesavings.com, or better yet, stop by one of our branches. FDIC member. Equal Housing Lender. NMLS ID # 543370
About the Michaels Organization
The Michaels Organization is a national leader in residential real estate, providing comprehensive development, property management, construction and investment management services. Serving more than 175,000 residents in more than 440 communities across 37 states, the District of Columbia and the U.S. Virgin Islands, Michaels is committed to designing housing solutions that jump-start education, civic engagement and thriving neighborhoods and creating life-enhancing communities. For more information, please visit: Michaels.com.