Northland Closes On Construction Financing For Waltham Project

Tuesday, May 27, 2014, 11:39am

Northland Investment Corp. of Newton has closed on $98 million in construction financing for Moody & Main On The Common, a mixed-use development in downtown Waltham.

The development will consist ofthree five-story buildings on a 4.5-acre site. Once complete in summer 2016, it will include 269 apartments, 27 of which are affordable, 27,595 square feet of retail space, a 300-car parking garage and 92 surface parking spaces. The first phase of apartments will be ready for occupancy in summer 2015.

"Moody & Main is a true transit-oriented development that will offer residents a 25-minute public transit commute to downtown Boston from their front door, while providing convenient walking access to restaurants, retail and grocery stores," Steven Rosenthal, president and CEO of Northland, said in a statement.

PCCP LLC provided the loan for the project, and Colliers International acted as the mortgage broker. ADD Inc. is the architect, and the general contractor is Erland Construction. CBRE is the exclusive leasing agent for the available retail space.

Moody & Main On The Common is one block from the Waltham MBTA commuter rail station and the Charles River.

Buildings will feature masonry facades with large windows. The urban street edge will have wide sidewalks, street trees and benches and a mini-park. The interior portion of the site will feature landscaped pathways surrounding the surface parking. Sustainable features include Energy Star appliances, low flow fixtures and single stream recycling.

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Northland Closes On Construction Financing For Waltham Project