Updated Oct 28, 2025
Richard Boynton Of Fairfield Residential Secures $78.98 Million Construction Loan From Regions Bank In Franklin
121 Grove Street
$78,976,132
Units
330
Asset Type
Development Site
Closing
Oct 27, 2025
About this deal
AI
The asset involved in this transaction is a development site located at 121 Grove Street in Franklin, MA. Fairfield Residential has secured a construction loan of $78,976,132 from Regions Bank for this project, which will consist of a 330-unit multifamily community. The project is designed to incorporate 25% affordable units, extensive green space, and various amenities, including a clubhouse, pool, and co-working lounge.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $78,976,132
- Lender: Regions Bank
- Landlord: Richard Boynton - Fairfield Residential
- Market: Franklin, MA
- Loan Type: Construction
- Number of Units: 330
- Affordable Units Percentage: 25%
- Amenities: Clubhouse, pool, co-working lounge, extensive green space
Richard Boynton represents Fairfield Residential in this transaction, facilitating the construction loan secured from Regions Bank for the development project. This development effort aims to enhance the multifamily housing options in the Franklin market.
On the Map
$78,976,132
Development Site
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Players
Franklin Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.20%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93