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.