Cambridge, MA – Cambridge Savings Bank (CSB) announced it has provided construction loans totaling $84.5 million to Strategic Land Ventures (SLV), a vertically integrated real estate investment management and development firm. With an office in Needham, SLV specializes in identifying, permitting, capitalizing, and constructing multi-family residential properties with a focus in eastern Massachusetts.
SLV will leverage the capital provided by CSB to finance the construction of two luxury-suburban apartment communities in Winchester, located on Cambridge Street and River Street. In addition to a variety of market-rate options, the projects will add 61 affordable housing units to the Winchester community.
The principals of SLV have successfully permitted over 5,000 units of multi-family housing, permitted or re-zoned 3 million sq. ft. of commercial space and have invested over $5 billion in commercial and residential real estate in the Boston and New York metro areas. As part of their commitment to bring mixed-income housing options to the market, SLV and its affiliates have permitted over 15,000 mixed-income housing units in Massachusetts alone.
With a shared mission to offer housing opportunities and support to underserved communities in the Boston area, there are possibilities for CSB and SLV to partner on similar projects in the future. Over the last year, SLV has completed or begun construction on six mixed income housing projects and is currently in the process of permitting over 450 mixed income affordable units in various levels of approval, with 750 units currently under construction.
“With housing advocates believing that Massachusetts needs to build nearly 200,000 units over the next decade to stabilize rent and home prices, our bank is committed to working with partners like SLV who also recognize that need,” said Kevin Teller, SVP, commercial real estate officer at CSB.