Needham Bank Provides $15.575 Million Loan For Development Site At 231-235 Third Street Cambridge

The asset involved in the transaction is a development site located at 231-235 Third Street, Cambridge, MA. A loan of $15,575,000 has been secured from Needham Bank to fund a 5-story multifamily development comprising 19 units. The project is strategically situated between Kendall Square and East Cambridge and is designed to be transit-oriented, featuring no parking facilities.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $15,575,000
• Lender: Needham Bank
• Number of Units: 19
• Building Height: 5 stories
• Location: 231-235 Third Street, Cambridge, MA
• Project Characteristics: Transit-oriented, no parking

In this transaction, Needham Bank is the lender providing the financing for the development site. The project is positioned in a market area that emphasizes accessibility to transit options, aligning with contemporary urban development principles.