Mack-Cali Realty Corp. subsidiary Roseland Residential Trust is now able to move forward with construction of its newest luxury apartment community on the East Boston waterfront thanks to a $73 million construction loan arranged by Citizens Bank.
The new community, called Portside 5/6, will be a five-story, 235,078-square-foot property with 296 units and 253 parking spaces located on East Boston’s waterfront. Portside 5/6 is the second part of a larger development called Portside at East Pier, and is scheduled for completion in December 2017. The first part of the development, Portisde 7 is a 181-unit luxury community with ground-floor retail that was completed in 2014. This development contributes to the ongoing transformation of the East Boston waterfront.
Once the full development is complete, it will feature more than 70,000 square feet of retail, including a fitness center, a business center and a theater. The site also includes 26 acres of public open space and marina on the waterfront that will become part of the Harborwalk.
Located within walking distance of the Maverick Blue Line T Station, Portside 5/6 will feature in-unit washers and dryers, quartz counter tops, stainless steel appliances and wine coolers in select units. The amenity package features offerings including a spin studio, golf simulator, demonstration kitchen with private dining, media room, indoor pool with lockers, and a rooftop deck with grills, a fire pit and lounge seating. There will also be a dog run, 10.5-acre pier park, onsite ferry service, 18-hour concierge and dry cleaning services.
The firm is also developing two other luxury communities in Boston, The Chase II at Overlook Ridge and 145 Front @ City Square.