Tremont Asset Management and SV+ Partners Advance Transit-Oriented Housing Project Adjacent to MBTA Station
NORWOOD, Mass.— Colliers has arranged $44.5 million in construction financing for a new 145-unit multifamily development at 259 Lenox Street in Norwood, Massachusetts, paving the way for a transit-oriented residential community designed to address growing housing demand in the Route 1 South corridor.
The financing was provided by Beacon Bank on behalf of developer Tremont Asset Management LLC, in partnership with SV+ Partners. The Colliers Capital Markets team representing the borrower was led by Patrick Boyle, Matt Lombardi Jr., and Rose Liu.
The five-story development will deliver 145 apartment homes, including a mix of junior one-bedroom, one-bedroom, and two-bedroom units. Twenty percent of the residences will be designated as affordable housing, contributing to the region’s efforts to expand access to workforce housing while meeting increasing residential demand.
The project is designed to offer a comprehensive amenity package aimed at attracting renters seeking both convenience and lifestyle-oriented features. Planned amenities include an outdoor swimming pool and sun deck, fitness center, golf simulator, co-working spaces, grilling areas, bike storage, and 169 surface parking spaces.
“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,” said Sam Slater, Managing Partner at Tremont Asset Management LLC. “We are pleased to be partnering again with Beacon Bank as we move forward with the development of this exciting multifamily community.”
Located directly adjacent to the MBTA Norwood Central Commuter Rail Station, the property offers residents direct access to downtown Boston in less than 30 minutes. The site is also within walking distance of Norwood Town Square and Norwood Plaza, providing easy access to shopping, dining, grocery stores, and other everyday conveniences.
Colliers executives said the project’s location, sponsorship, and market fundamentals generated strong interest from lenders.
“We are pleased to further expand our relationships with Tremont Asset Management, SV+ Partners and Beacon Bank through another successful financing,” said Patrick Boyle, Vice Chair of Capital Markets at Colliers. “The strength of the sponsorship, quality of the development and experience of the project team generated significant lender interest, and Beacon delivered an execution that aligned with our client’s objectives. We appreciate the collaboration among all parties involved and look forward to seeing the project make a meaningful impact on the market.”
Beacon Bank officials cited the area’s need for additional housing and the strength of the development team as key factors in supporting the financing.
“Beacon Bank is grateful for the opportunity to once again support Tremont Asset Management LLC through its development of this project that will bring much-needed housing stock to the underserved Norwood market,” said Ryan Abbott, Vice President at Beacon Bank. “We would like to especially thank Sam Slater and Pat Boyle for their trust in our ability to execute on the complex financing that this significant project required.”
The financing comes as multifamily fundamentals in the Norwood and Route 1 South submarket remain strong. According to market data cited by Colliers, the area has experienced annual rental growth of approximately 4.8% and maintained average occupancy rates above 95% over the past five years.
Demand has been fueled by the area’s strategic location along major transportation corridors, including Route 128 and Interstate 95, as well as its proximity to key employment centers throughout Greater Boston. Within a one-mile radius of the property, nearly half of all households are renters, reflecting a deep and growing pool of apartment demand.
The market has absorbed nearly 1,000 apartment units over the past five years, yet new housing supply remains relatively constrained, creating favorable conditions for additional multifamily development.
As construction moves forward, the project is expected to further strengthen Norwood’s position as a desirable suburban housing destination by delivering modern residential options within walking distance of public transit, retail amenities, and employment centers.
