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CIT, Square Mile Capital Provide $63.9MM Construction Financing for Transit-Oriented Multifamily Development

April 25, 2019, 08:45 AM
Filed Under: Construction
Related: CIT Group

CIT Group Inc. and Square Mile Capital Management LLC announced they have originated a $63.9 million loan to finance the development of The Caldwell, a 259-unit, 180,000-square-foot high-rise rental residential project with ground floor retail being developed in Lynn, MA.

The financing was provided to a joint venture between affiliates of The Carlyle Group and The Procopio Companies. The Carlyle Group is a global alternative asset management firm, while Procopio is an experienced, local developer based in Lynnfield, MA. The financing was arranged by Jeff Black of Colliers International’s Boston office.

“The Greater Boston area remains a strong market for residential development, especially where there is ready access to mass transit,” said Matthew Galligan, president of CIT’s Real Estate Finance division. “We were pleased to leverage our expertise in multifamily construction financing to help make this project a reality.”

Square Mile Capital Vice President Mike Kusy said, “We are excited to have the opportunity to provide financing to the experienced partnership of Carlyle and Procopio for a project that will catalyze continued housing growth within Lynn and the surrounding markets. This transaction allowed us to further expand our lending portfolio in Boston by capitalizing an asset that will be well-positioned as one of the highest quality apartment buildings north of Boston with strong transit accessibility.”

The transit-oriented development is located approximately 10 miles north of downtown Boston and adjacent to an MBTA Commuter Rail Station with access to the city via a 20-minute train ride.

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