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Funding has been secured for another residential phase at the River’s Edge mixed-use complex in Medford, MA, where a new building is planned to expand the community’s apartment offerings. An affiliate of Dallas-based Criterion Development Partners has registered a $64 million mortgage tied to a development parcel at the property, according to reporting by the Boston Business Journal.
The new capital is earmarked for a site that will accommodate 224 additional apartments within the River’s Edge master-planned community. The project will rise along the Malden River near Route 16, continuing the build-out of a mixed-use environment that already combines residential, office, and retail components.
River’s Edge is an established complex with two existing residential buildings and two office buildings already in place. The first wave of residential product at the property opened in 2009, with a second apartment building delivered in 2016. On the office side, buildings were brought online in 2009 and 2019, helping to establish the location as both an employment and housing node along the riverfront.
The parcel for the new apartment building changed hands before the latest phase moved forward. Preotle, Lane & Associates, described as the developer responsible for the earlier phases at River’s Edge, sold the development site to an affiliate of Criterion. While Preotle, Lane & Associates led the initial phases, they will not be involved in this newest installment at the complex, according to the Business Journal.
For Criterion Development Partners, the upcoming River’s Edge building represents another step in building a portfolio in and around the Boston market. The company already has two multifamily communities in the region: the 205-unit Arris development in Somerville and Lore, a 250-unit project in Salem. The Medford expansion will mark Criterion’s third Boston-area project, further extending its presence across multiple submarkets.
The latest phase at River’s Edge continues the property’s incremental growth pattern over more than a decade, with residential and office deliveries spaced across 2009, 2016, and 2019. The newly financed building will add to that timeline by introducing another 224 apartments at a site that has evolved into a mixed-use destination along the Malden River corridor.
A rendering of the planned building at River’s Edge was provided by architecture firm Gensler, illustrating the next chapter for the Medford complex as Criterion’s affiliate moves ahead with the mortgage-backed expansion.
The post Criterion Secures $64M for 224 New Apartments at Medford’s River’s Edge Complex appeared first on CRE Market Beat.
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