A Newton-based real estate investment firm announced Tuesday that it has secured a $98 million financing package for its Moody & Main On The Common mixed-use development in downtown Waltham.
Northland Investment Corporation’s announcement means that construction can move forward on the project, which will be across from the Waltham Common and near the Waltham MBTA commuter rail station and Charles River.
The development will include:
- Three five-story buildings on the 4.5-acre site
- 269 apartments, 27 of which will be affordable
- 27,595 square feet of retail space
- A 300-car parking garage and 92 surface parking spaces
The first phase of apartments will be ready for occupancy in the summer of 2015, according to Northland. The development is expected to be completed in the summer of 2016.
The apartments will be “luxury apartment homes,” according to Northland, with washers and dryers, dishwashers, walk-in closets, stainless steel appliances, European-style cabinetry and solid stone countertops. Residents will have access to a roof deck, outdoor patio/courtyard area, fitness center, library, game room and clubroom.