$93M in financing secured for Massachusetts multi-housing development

BOSTON, Nov. 9, 2022 – JLL Capital Markets announced today that it has arranged the $93 million construction financing for Chelsea Innes, a 330-unit multi-housing project in Chelsea, Massachusetts.

JLL represented the borrower, John M. Corcoran & Company, Joseph J. Corcoran and Marcus Partners, to secure the 5-year, fixed-rate loan through Cambridge Savings Bank, Eastern Bank and HarborOne.

Chelsea Innes will consist of two residential buildings and one precast parking garage. Of the 330 new units, 96 will be public housing units, 40 will be workforce housing units under the Department of Housing and Community Development (DHCD) program and 194 will be market rate units. The community will offer a mix of studio, one-, two-, three- and four-bedroom units with an average size of 876 square feet. Additionally, the property will also include 2,500 square feet of retail. This project is fully permitted and approved through the 40R/Smart Growth overlay zoning district.

Located at 170-230 Central Avenue, the community is a 10-minute commute to downtown Boston and a 13-minute commute to Kendall Square. The site is also adjacent to the Silver Line bus stop providing access to Logan International Airport in three minutes, the Seaport in 13 minutes and South Station in 21 minutes. Chelsea Innes is proximate to both Route 1 and Route 1A, offering excellent connectivity to both Boston and the northern suburbs. Additionally, the site is surrounded by an abundance of retail and lifestyle amenities with parks, historic downtown Chelsea, Mystic Mall and an array of restaurants within walking distance.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Brett Paulsrud, Director Jackie Meagher and Associate Madeline Joyce.

“Our team was thrilled to represent John M. Corcoran, Joseph J. Corcoran and Marcus Partners and secure financing for the redevelopment of Chelsea Innes,” said Jackie Meagher. “The partnership has an incredible opportunity to reposition the currently underutilized public housing site and bring more housing to the Chelsea community. We look forward to watching this highly experienced development team execute their strategy.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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