**Northland Newton Set to Launch Phase 1 After Five-Decade Hold**
Northland Investment has secured $220 million in construction financing from JPMorgan Chase for the first phase of its Northland Newton development, a major mixed-use project located in the company’s hometown of Newton, Massachusetts. Northland has held the 23-acre site for nearly 50 years.
The initial phase of development will include 315 apartment units, which will be located in the historic Saco Pettee Mill and two newly constructed buildings. The phase will also feature a one-acre public Village Green designed for community use.
According to Northland’s update, the full development plan—which was approved by the Newton City Council in May—calls for a total of 822 residential units, along with 96,000 square feet of retail and medical office space.
“Through dramatic shifts in the marketplace, rising construction costs and a global pandemic, we invested over $100 million in site and infrastructure improvements, as our commitment to this landmark development never wavered,” said Larry Gottesdiener, founder and chairman of Northland Investment, in a statement to the Boston Business Journal.
