Officials pose for a photo at the ceremonial groundbreaking of the Innes Apartments redevelopment in Chelsea on Oct. 19, 2022. Courtesy photo
The redevelopment of Chelsea’s Innes Apartments has received a $93 million construction loan led by Cambridge Savings Bank, the bank said in a statement yesterday.
The project is being developed John M. Corcoran & Co. and Joseph J. Corcoran Co., in partnership with real estate private equity firm Marcus Partners. The project will see eight existing public housing buildings at the Innes Apartments, which were constructed in the 1950s, replaced with a 350,000 square-foot mixed-use complex.
The groundbreaking on the project took place in October. The mixed-income complex will provide new homes for the current residents of Innes with 96 units of public housing, 40 units of middle-income opportunities for new tenants and 194 market-rate apartments.
“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,” Peter Olivier, Cambridge Savings Bank’s senior vice president of commercial real estate, said in a statement. “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.”
Cambridge Savings Bank has also provided financing for other recent affordable housing projects, including a $61.7 million loan to The Michaels Organization and $84.5 million in aggregate loans to Strategic Land Ventures for two separate developments.
The Innes redevelopment involves a collaboration with the Chelsea Housing Authority, the city of Chelsea, the Massachusetts Office of Housing and Economic Development, and the Department of Housing & Community Development.
“This partnership is an important milestone in our commitment to create safe and affordable housing opportunities in the greater Boston area,” Ian Brandon, Cambridge Savings Bank’s senior vice president and head of commercial real estate, said in a statement. “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.”
