First Citizens Bank & Trust Provides $84.16 Million Loan For Development Site In Medford

The asset involved in the transaction is a development site located at 970 Fellsway in Medford, MA. The property encompasses a 7.8-acre former industrial site that is planned for redevelopment into a 6-story apartment building, townhomes, open space, and parking. The loan amount for this project is $84,163,000 with First Citizens Bank & Trust acting as the lender, providing funding for the construction of The Clayborn, which will consist of 289 mixed-income units.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $84,163,000
• Lender: First Citizens Bank & Trust
• Loan Type: Construction
• Market: Medford, MA

This transaction is represented by First Citizens Bank & Trust, which provided financing strictly for the development of The Clayborn at the specified address. This redevelopment aims to transform the site into a significant housing development within the local community.