Developer Gets Financing for Construction

QUINCY, MA-Stoughton, MA-developer Conroy Development has received financing to complete construction on a 280-unit class A apartment complex known as Neponset Landing, which the firm recently sold for an estimated $50 million to a Milwaukee financial firm.

The funding, arranged by Michael Prakken and Sean McKenna, both with CBRE/ Melody’s Boston office, was handled through Wachovia Bank. Terms of that financing deal were not disclosed.

The 12-story, 400,000-sf luxury apartment complex, which is currently being developed by Conroy at 2 Hancock St. on the shores of the Neponset River in Quincy, was sold in May to Northwestern Mutual Financial Network, a Milwaukee insurance and investment advisory firm, for an undisclosed sum that real estate insiders said topped $50 million. The project, designed by the Architectural Team of Chelsea and built by Lee Kennedy Co. Inc. of Boston, features a resident meeting room, library, health club and concierge service, along with a boat launch and walking paths that connect the property to a series of interconnected parks known as Boston’s Emerald Necklace.

Officials from both Stoughton-based Conroy Development and Northwestern Mutual did not return calls from GlobeSt.com seeking comment.