Image courtesy of Stantec
After beginning lease-up in mid-2024, the first residential building at the Allston Yards development received $90 million in financing last week from Pacific Life Insurance Co.
The 165-unit Alder at Allston Yards currently lists studios renting for $3,005 and up.
The Allston Yards project has approvals to redevelop the 10.6-acre shopping center with 868 housing units and a 373,500-square-foot office-lab building.
The first building, including the Alder apartments and ground-floor retail space occupied by Stop & Shop, broke ground in 2021 and opened in 2024 at 301 Guest St.
Bank of America provided $99.25 million in construction financing in November 2021, according to a Suffolk County mortgage.
Resident amenities at The Alder include a 1-acre green, fitness center, billiard room, outdoor deck and library. The property currently offers two months free rent to new tenants, according to its web site.
New England Development, Bozzuto Development, Southside Investment Partners and Stop & Shop parent Ahold Delhaize partnered on the Allston Yards project.
Allston Yards is the largest project to be approved in the neighborhood amid a wave of development that followed the completion of the MBTA’s Boston Landing commuter rail station in 2017.
Apartment vacancies in Allston-Brighton are approaching 11 percent following completion of nearly 1,000 units in the past year, Colliers noted in a recent report on the Greater Boston multifamily market.
