Image courtesy of Embarc

Beacon Bank provided $44.5 million in construction financing for a 145-unit suburban apartment project approved under the MBTA Communities Act.

Tremont Asset Management and SV+Partners are developing the 259 Lenox St. project in Norwood after acquiring the industrial property for $2.3 million in February 2021. 

Norwood town meeting rejected a rezoning proposal tied to the project in 2022. It was later approved after the parcel was included in the town’s MBTA Communities Act multifamily zoning district. The property is adjacent to Norwood Central station on the MBTA commuter rail.

According to Colliers data, nearly 1,000 apartments have been absorbed in the Norwood/Route 1 South submarket in the past five years.

Colliers’ capital markets team of Patrick Boyle, Matt Lombardi Jr. and Rose Liu represented developers in sourcing the loan.

“We identified this site for its exceptional transit connectivity and spent several years planning a project that will elevate the multifamily housing offering in Norwood,” Tremont Asset Management Managing Partner Sam Slater said in a statement.

The project includes a 5-story building with a 20-percent income-restricted component and 169 parking spaces. Resident amenities include a pool, grilling areas and co-working space.