Image courtesy of Arrowstreet
An East Boston apartment building is set to get underway with financing from Needham Bank.
The bank has loaned $53.88 million for construction of developer Redgate’s 355 Bennington St. development, according to a mortgage recorded March 13 in the Suffolk County Registry of Deeds.
The Bennington Street project, designed by architecture firm Arrowstreet, will redevelop an industrial lot in the Day Square neighborhood into a mixed-use, 162,296 square foot development comprised of 170 residential units. Boston Planning Department filings say the project will have 81 one-bedroom units, 48 two-bedroom units, 32 studio units and eight three-bedroom units.
The first floor will be comprised mostly of an enclosed garage to accommodate 81 car parking spots for residents, as well as an amenity gym and a large bike room to provide 170 spaces for long-term resident bike parking, according to the filing.
In addition, the ground floor will have 6,985 square feet of commercial space, and approximately 10,300 square feet of the site is allotted for public open space, the project report states.
The retail and amenity spaces will share access to an internal courtyard through a indoor/outdoor pavilion with bi-folding glazed doors. The courtyard, designed by landscape architecture firm Copley Wolff Design Group, will serve as an outdoor amenity for residents and patrons of the retail use through programming such as an event lawn and an eating area.
Shared access will be centered around an outdoor eating area and an event lawn for movie nights, and other outdoor performances. Smaller private screens will be provided between this communal area and a residents only outdoor lounge with informal seating, as well as a smaller meditation garden just off the resident’s fitness area.
Needham Bank declined to comment for this story.
Redgate received Boston Planning & Development Agency and Boston Zoning Commission approval for the project in 2022.
Caroline Ligotti, Linda Redeker and Emily McGranaghan of Boston City Group Inc., at Coldwell Banker Commercial, represented both the site owner of 413-419 Bremen Street LLC and Redgate Real Estate Advisors as a JV Partner.
