CAMBRIDGE, MA – Mass+Main, a mixed-income residential community developed by Twining Properties in partnership with MassPRIM, announced that the development has closed $110 million of combined financing provided by New York Life Insurance Company ($103 million) and East Boston Savings Bank ($7 million).
Mass+Main will feature 308 mixed-income rental apartments, including 61 affordable units, and 16,000 square feet of retail space in Central Square at the intersection Massachusetts Avenue and Main Street.
Mass+Main will be a sustainable LEED Gold certified community which includes green-roof terraces and energy tracking systems. This transit-oriented development – with easy access to the Red Line and MBTA bus lines – will also feature car sharing, electric charging stations and bike sharing with an onsite Hubway Station. Central Square’s dynamic shopping district will be further expanded through a diverse collection of small retail shops to enhance the pedestrian and urban experience. Shops, restaurants and food vendors will line sidewalks and passageways, creating new retail for Central Square residents and visitors.
Three distinct buildings will offer a variety of housing options ranging from a 19-story tower with dramatic views of the Boston skyline and a six-story building with studio and roommate units, both with financing arranged by New York Life Real Estate Investors and designed by CBT Architects. A four-story building for families is financed by EBSB and designed by Bruner/Cott Architects. Construction began in October 2017. The buildings will be delivered in three phases: Fall 2018, 2019 and 2020.
Mass+Main is the latest in the Watermark urban brand of mixed-use communities including Watermark Kendall, two towers with 465 apartments in Kendall Square overlooking the Charles River with Boston views; Watermark Seaport a tower and loft building with 346 apartments in the Seaport District with harbor and city views and Watermark LIC a 27-story tower with 168 apartments in Long Island City, NY overlooking the East River with Manhattan views.
Twining Properties, founded in 2002, is a real estate investment and development company which focuses on urban mixed-use office, apartment, hotel and retail projects close to transit stations along the Northeast Amtrak Corridor from New York to Boston. Twining Properties has developed three apartment towers in metro Boston and a fourth in NYC. Principals of Twining Properties have over three decades of experience in urban mixed-use development and financing in Boston, New York City and Washington, DC and have worked with JP Morgan, Morgan Stanley, AvalonBay Communities, the Beacon Companies, BF Saul Company and Morse Diesel.
MassPRIM was created by the Massachusetts legislature in 1983 to assist the Commonwealth in reducing its unfunded pension liability, and likewise to assist local participating retirement systems in meeting their pension obligations. Its mission is to maximize the return on investment within acceptable levels of risk by broadly diversifying its $72 billion investment portfolio, capitalizing on economies of scale to achieve cost-effective operations, and providing access to high quality, innovative investments, all under the management of a professional staff and members of the Board and its committees.