Cambridge Savings Bank Supports the Redevelopment and Expansion of the Innes Apartments as Lead Bank in $93 Million Construction Loan
The Bank furthers its commitment to support underserved communities in the greater Boston area by providing access to safe and affordable housing with another investment in mixed-income housing
CAMBRIDGE, Mass.–(BUSINESS WIRE)–#SMBs—Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and $6 billion in assets, today announced it is the 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 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 redevelopment team will utilize the capital to replace the eight existing buildings at the Innes Apartments constructed in the 1950’s and build a 350,000 square-foot mixed use community in its place.
The redevelopment 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 apartments near public transportation. The mixed-income redevelopment will also include onsite amenities for residents and much needed ground-floor retail space to activate the Central Avenue Smart Growth area.
“The recent groundbreaking for the Innes Redevelopment project marks a significant milestone as it sets a definitive course for a mixed-income community that will bring promise and possibility to individuals and families in the Chelsea neighborhood,” said Peter Mahoney, Executive Vice President at John M. Corcoran & Company. “It has been a long journey to get to this point in the process and our partners at Cambridge Savings Bank have played a huge role in making it all possible. With their expert financial guidance and seasoned experience in the development of mixed-income housing, we are confident that this project will be a success and provide value to the community for years to come.”
The project is being carried out in collaboration with the Chelsea Housing Authority (CHA), City of Chelsea, the Massachusetts Office of Housing and Economic Development, and the Department of Housing & Community Development (DHCD). The Innes Redevelopment is the first demonstration of DHCD’s Partnership to Expand Housing Opportunities (PEHO) program, which establishes public-private partnerships between housing authorities and developers to preserve public housing through the creation of mixed-income communities.
“Supporting affordable housing projects is always a privilege, but doing so alongside companies like John M. Corcoran & Company, Joseph J. Corcoran Company, and Marcus Partners makes it that much more rewarding,” said Peter Olivier, SVP – Commercial Real Estate at CSB. “CSB will always seek to support members of the communities that we serve, bringing solutions to people facing housing challenges via partnerships with dedicated and accomplished organizations.”
With a shared mission to offer housing and support to underserved communities, the project aims to bring opportunity to the residents of Chelsea, where more than 87 percent of residents are considered low-to-moderate income. This construction loan follows other recently highlighted affordable housing projects by CSB including a $61.7 million loan provided to The Michaels Organization and $84.5 million in aggregate loans to Strategic Land Ventures for two separate developments.
“This partnership is an important milestone in our commitment to create safe and affordable housing opportunities in the greater Boston area. The Innes Redevelopment project is sure to be transformative for the Chelsea neighborhood as it will ultimately uplift residents and increase economic mobility across the community,” said Ian Brandon, SVP, Head of Commercial Real Estate at CSB. “It is of the utmost importance for CSB to support affordable and mixed income housing projects now and in the future that will provide resources to individuals and families who need them the most.”
About Cambridge Savings Bank
Cambridge Savings Bank is a full-service banking institution with $6 billion in assets. As a mutual bank, CSB is committed to improving the quality of life of our employees, customers, and the communities we serve. One of the oldest and largest community banks in Massachusetts, Cambridge Savings Bank offers a full line of individual and business banking services across a robust Massachusetts-based branch network and through digital banking solutions for commercial, small business and consumer customers. In 2022, CSB received an investment-grade rating from Kroll Bond Rating Agency reinforcing the bank’s position as a reliable business lender. To learn more about how CSB can meet your needs, visit us at cambridgesavings.com, or better yet, come meet us to help you make the most out of your banking relationship. Member FDIC. Equal Housing Lender.
About John M. Corcoran & Company
John M. Corcoran & Company is one of the country’s leading residential management and development firms specializing in delivering unmatched customer service and maintaining exceptional quality standards. They provide high quality facilities, superb maintenance, superior service and quality living in properties that are thoughtfully planned, tastefully decorated and finished with luxuriant landscaping. The company has properties throughout Massachusetts, New Hampshire, and Rhode Island that offer housing selections ranging from efficient studios to expansive three bedrooms. For more information, please visit: jcandco.com.
About Joseph J. Corcoran Company
Established in 2015, Joseph J. Corcoran Company is a real estate developer based in Boston, Massachusetts. The company’s mission is to be the leading housing development company that creates market, mixed-income communities using private market solutions.
About Marcus Partners
Marcus Partners is a vertically-integrated real estate firm with a strong track record of successful investment, management and development activities. The firm is headquartered in Boston, with regional offices in Metro New York City and Metro Washington, D.C. The firm focuses on strategic and opportunistic investment strategies across multifamily, industrial, life science and other property types where it can create value and maximize risk-adjusted returns. Marcus Partners and its affiliates own, operate and are developing 6M+ square feet of real estate and 1,500+ multifamily units. For more information, please visit marcuspartners.com.