Backed by $44.5M, Tremont Breaks Ground on 145-Unit Multifamily Development in Norwood

• Tremont Asset Management has broken ground on a 145-unit multifamily development at 259 Lenox St. in Norwood, Massachusetts.
• The developer secured a $44.5 million construction loan from Beacon Bank, with Colliers arranging the financing.
• Twenty percent of the apartments will be designated as affordable housing, and the project is being built to PHIUS Passive House standards.

What Is Planned at 259 Lenox St.

Construction is officially underway at 259 Lenox St. in Norwood, Massachusetts, where Tremont Asset Management is developing a new 145-unit multifamily community. The project is being developed in partnership with SV+Partners and Callahan Construction Managers. The five-story transit-oriented development will rise on a former industrial site near the MBTA Norwood Central Commuter Rail Station. The property is also located close to Norwood Memorial Airport, less than a mile from downtown Norwood and roughly 22 miles southwest of downtown Boston.

What Financing and Approvals Made the Project Possible

Tremont recently secured a $44.5 million construction loan from Beacon Bank to finance the development. Colliers arranged the financing package. The project received approvals under the Massachusetts MBTA Communities Act, a 2021 law designed to encourage additional housing production near public transit stations. The legislation has become a key driver of new multifamily development across Greater Boston communities.

What Residents Can Expect at the Community

The development will feature a mix of one- and two-bedroom apartments, with 20 percent of the residences reserved as affordable housing. Future residents will have access to a wide range of amenities, including a golf simulator, dedicated coworking areas, gaming lounges, a fitness center, grilling stations, a landscaped courtyard, and a swimming pool with a sun deck. The community is also being designed to meet PHIUS Passive House standards, incorporating energy-efficient building systems and modern construction methods intended to reduce long-term operating costs and improve sustainability.

What the Norwood Multifamily Market Looks Like

According to Colliers, the Norwood/Route 1 South submarket has maintained strong multifamily fundamentals, supported by steady rent growth and high occupancy levels. Over the last five years, rents have increased by an average of 4.8 percent annually, while occupancy has consistently remained above 95 percent. The broader Boston multifamily pipeline also remains active. More than 10,000 apartment units were under construction across the metro area at the end of the first quarter, reflecting continued demand for new housing despite broader market headwinds.