Somerville, MA – Davis Square Partners, a joint venture between K.S.S. Realty Partners and Gate Residential Properties recently announced that it has finalized both the financing package and construction contract for the $52.5 million Maxwell’s Green residential development in Somerville. The financing package marks one of the largest such deals this year in the Boston area.
In addition, Davis Square Partners announced that it has broken ground and work has officially commenced on the Maxwell’s Green project. The development team also awarded the major subcontract for site work to J. Derenzo Co. – a Massachusetts-based union subcontractor with more than 60 years experience. Derenzo’s work on the project will encompass all underground utilities, foundation, excavation, backfilling and paving on the Maxwell’s Green site. The contract represents one of the largest contracts in the project and includes Laborers Local 22 and Operating Engineers Local 4.
“Our goal has always been to utilize both union and/or local labor on the construction of Maxwell’s Green – fulfilling our pledge to the City of Somerville,” said Ted Tobin of Davis Square Partners. “We’re thrilled to announce the selection of J. Derenzo, which will add union jobs. We’ve worked with the community throughout this process and these are major milestones that will bring significant benefits to local residents.”
For the completion of the financing and construction contract, the corporate entity of Davis Square Partners – VIF II/MacPac Square Owner – was represented by Bernkopf Goodman LLP and Goodwin Procter LLP, both of Boston.
“We’re excited to announce the official closing on Maxwell’s Green, which will offer residents a vibrant urban living experience with modern amenities in an ideal location close to public transportation,” said Kyle Warwick of Davis Square Partners. “We’ve worked a long time on the planning and design of Maxwell’s Green and the result will be a tremendous new development for this community.”
Upon completion, Maxwell’s Green – located less than a mile from Davis Square in Somerville – will feature 184 LEED Certifiable rental properties, including modern studio, one-, two- and three-bedroom units. The development will feature numerous amenities including a yoga studio, fitness center, theater room, unique wireless work space, roof deck, club suite (featuring a chef’s kitchen, along with a sophisticated dining and entertainment area), and direct access to a central park. With 24 units designated as affordable housing, Maxwell’s Green is also one of the largest affordable rental opportunities in Somerville.
“What this really says is that Somerville is worth the investment,” said Somerville Mayor Joseph A. Curtatone. “Financiers are seeing the value n the transit-oriented development opportunities that our city presents. Few places offer the dynamism and tight-knit community you find in Somerville. Maxwell’s Green is building right in the heart of a great place to live, work, play and raise a family.”
The official groundbreaking comes after seven years of community outreach, financial analysis and planning. Maxwell’s Green is the result of nearly 50 community meetings where local residents provided input on various project features, including green space, traffic and design.
“There is a lot of excitement out in the market about investing in Somerville, and the closing on our financing is one more illustration of that,” added Damian Szary of Davis Square Partners. “This is a project for Somerville that will give more people the opportunity to enjoy the dynamic lifestyle the city offers.”
Davis Square Partners has committed significant private investment totaling $52.5 million to ensure other important community and residential benefits, such as an unprecedented amount of open space – one of the largest amounts that a private developer has made accessible to the public in Somerville – and unparalleled access to the Community Path and the anticipated Green Line extension.