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Criterion Development Partners received construction financing for the first of its two upcoming multifamily projects totaling 500 apartments near the MBTA’s Wellington station in Medford.
The Dallas developer closed on a $64.5 million construction loan last week from Webster Bank for its Residences at Rivers Edge 3 project, part of a master-planned development along the Malden River. The 224-unit project at 600 River’s Edge Drive will include a 7-story, 240,000 square-foot building and 130-space parking garage.
The parcel is part of a 30-acre former industrial brownfield site repurposed as an office-and-multifamily campus by master developer Preotle, Lane & Associates over the past two decades. Development in the district is overseen by the Mystic Valley Development Commission, a regional board that includes officials from Malden, Medford and Everett.
Other major multifamily development projects under way and planned in the eastern side of Medford have been spurred by the city’s new MBTA Communities Act zoning district and Chapter 40B, the state affordable housing zoning law.
Criterion Development Partners received approval from Medford officials last fall to redevelop the former KISS-108 radio station studios at 99 Revere Beach Parkway as a 276-unit apartment complex, known as The Residences at Wellington Station. The company acquired the 4.5-acre property in January for $8 million.
A third project, overlooking the interchange of Revere Beach Parkway and Fellsway, Transom Real Estate’s 10 Revere Beach Parkway, would add 248 apartments at the Kappy’s Fine Wines & Spirits property.
And approximately one mile north of the interchange, The Davis Companies broke ground last fall on The Clayborn. The 289-unit project was approved under Chapter 40B, and received an $86.9 million construction loan led by Eastern Bank along with Salem Five Bank and First Citizens Bank.
Mill Creek Residential began construction last winter of a 380-unit apartment complex at 4000 Mystic Valley Parkway, also approved under Chapter 40B, after receiving a $97.6 million construction loan from Truist Bank in September.
Boston-based Transom Real Estate also has been designated to build 283 apartments on city-owned parcels near Medford City Hall. The Medford City Council is reviewing a zoning overlay to accommodate the project, which would include two apartment buildings, approximately 13,000 square feet of retail space and a parking garage.
