Mack-Cali Realty Corp.’s subsidiary, Roseland Residential Trust, has received $73 million in construction financing for its newest luxury apartment community on the East Boston waterfront. The new development, called Portside 5/6, will be a five-story, 235,078 sqf property with 296 units and 253 parking spaces. The residential community is the second phase of a larger development, Portside at East Pier, and is scheduled for completion in December 2017. The first phase of the development, a 181-unit luxury community with ground-floor retail called Portside 7, was completed in 2014. Funding for the project was arranged by Citizens Bank.
Portside 5/6 will include a spin bike studio, golf simulator, demonstration kitchen with private dining, indoor pool with lockers, and a rooftop deck with grills. There will also be a dog run, 10.5-acre pier park, onsite ferry service, 18-hour concierge and dry cleaning services. Roseland Residential is also currently developing two other luxury communities in Boston, The Chase II at Overlook Ridge and 145 Front @ City Square. “This is an important project for Boston that contributes to the ongoing transformation of the East Boston waterfront and Roseland has been an excellent client for citizens for many years,” said Gary Magnuson, EVP & head of commercial real estate at Citizens Bank.
