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Tocci Building Picked for $71M East Cambridge Development

A $71 million construction loan from People’s United Bank will kick off construction of an East Cambridge apartment complex.

Cambridge developer Urban Spaces has selected Woburn-based Tocci Building Corp. to lead construction of the two-building Kendall East project, comprising 136 apartments and 15,000 square feet of retail space in its $275 million First Street Corridor master-planned development.

Designed by Perkins Eastman, the development will include a two-level underground garage with 142 vehicle and 159 bicycle spaces.

Goedecke & Co.’s Mike Surprenant arranged the loan placement.

The latest financing follows People’s United’s $44-million refinancing for 121 First St., an earlier phase of the development that includes CarGurus’ new headquarters.

B&T Daily