Greystar Acquires Needham Site for Apartment Development Under MBTA Communities Law
Greystar has acquired the long-vacant Carter property at 100-110 West Street in Needham, Massachusetts for $40 million. The company has also secured $69.5 million in construction financing for the development of a 189-unit apartment project. This project is set to become one of the first sizable residential developments in the Boston area approved under the state’s MBTA Communities law, which mandates that cities and towns served by the MBTA provide zoning for higher-density housing.
Greystar, known for several residential developments in the Boston area, received permitting approval in November for this new venture, which is located directly across the street from the Needham Heights MBTA commuter rail station. The property was previously owned by Welltower, which had intended to build a senior housing facility after purchasing the site for $14 million in 2002.
The construction loan for the project was issued by MUFG Bank. According to reports, Greystar plans to begin construction later this year.
