Citizens Bank Provides Nearly $129 Million Construction Loan for Multifamily Project

 Citizens Bank
Construction of the four-building Ashlar Park community will be carried out in phases, with initial occupancy slated for April 2023; the project is expected to be fully completed by April 2024. File photo: T. Schneider, Shutter Stock, licensed.

DENVER, CO – Colliers Capital Markets has announced that it has secured a construction loan through Citizens Bank to the tune of $128.7 million to finance the continued development of Ashlar Park, a 465-unit, Class A, transit-oriented multifamily community currently underway at the former location of the Quincy Medical Center in Quincy, Massachusetts.

Plans to close the Quincy Medical Center – which had been in existence or 124 years – were originally announced by Steward Health Care System back in 2014, after the long-struggling hospital had continuously experienced issues with profitability; at the year of its closure alone, Quincy Medical Center was on-track to lose $20 million, and the property has remained unused ever since.

Colliers acquired their construction loan through Citizens Bank on behalf of FoxRock Properties, a South Shore-based single-family office and an up-and-coming commercial real estate firm situated in the Greater Boston area that is handling the project’s development.

Once completed, the Ashlar Park community – designed by Boston-based architecture and design firm Arrowstreet – will offer a “uniquely suburban experience” while allowing residents to remain in the vicinity of Quincy’s dynamic urban core.

Ashlar Park will take the shape of a first-class, modern residential campus, according to Colliers reps, and will feature 465 market-rate apartments across four newly-constructed wood-framed residential buildings. Residents will have access to numerous perks, including 590 parking spaces, several acres of community green space, and 19,500-square-feet of amenity space housed within the restored Quincy Medical Center Administration Building.

The campus will also boast multiple outdoor spaces with “winding paths and peaceful retreats” in addition to an outdoor terrace overlooking resort-style pool with cabana and lounge areas, a 3,200-square-foot fitness center featuring cutting-edge training equipment and an outdoor space for practicing yoga, a multi-level club room/resident lounge, co-working space, an expansive library, and conference rooms that can be utilized for business or community meetings

Ashlar Park is being developed upon an impressive 15 acres of land located at 114 Whitwell Street, and is situated less than one-half mile from the Quincy Center Massachusetts Bay Transportation Authority (MBTA) Red Line and Commuter Rail Station, which will allow residents to easily commute to Downtown Boston in as little as 12 minutes.

Jeff Black, Bryan Koop and Sean Burke of Colliers arranged the construction loan on behalf of the borrower and developer, FoxRock Properties.

“It was a real privilege to arrange this financing for a sophisticated local developer seeking to deliver a true community-oriented product in one of Greater Boston’s most dynamic growth corridors. The Boston metro area is incredibly well banked at the local and regional level,” said Black. “Our highly competitive process yielded exceptional results and on behalf of Colliers Capital Markets, I want to congratulate FoxRock on this milestone achievement. I can’t wait to see what they do next.”

Construction of the four-building Ashlar Park community will be carried out in phases, with initial occupancy slated for April 2023; the project is expected to be fully completed by April 2024.

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