Greystar has paid $40 million for the long-vacant Carter property at 100-110 West St. in Needham, MA and has secured $69.5 million in construction financing. The developer plans a 189-unit apartment property in what will be one of the first large projects in the Boston area to be permitted for construction under the state’s MBTA Communities law, which requires cities and towns served by the MBTA to create zoning for denser residential development, the Boston Business Journal reported.
With a number of existing Boston-area developments, Greystar received permitting approval last November for the project directly across the street from the Needham Heights MBTA commuter rail station. The site was originally slated for a seniors housing development by Welltower, which paid $14 million for the property in 2002.
The construction loan was provided by MUFG Bank, reported the Business Journal. Greystar has previously said it plans to start construction this year.
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