MALDEN, MA—Mack-Cali Realty subsidiary Roseland has commenced construction on multifamily communities in Worcester and Malden. The Short Hills, NJ-based firm is currently finalizing financing deals approaching $90 million on the projects.

Roseland has begun development work on Chase II at Overlook Ridge, a 292-unit apartment development in Malden that will operate with the recently stabilized Chase I as part of a combined 663-unit community. Roseland owns development rights at Overlook Ridge for approximately 800 additional units. The company reports it is finalizing a $48-million construction loan facility on the project. Roseland expects the loan to close within the next several weeks.

The company has also turned the first dirt on 145 Front @ City Square, a 237-unit luxury apartment community that is the first of a two-phased residential development in Worcester. The development is part of the redevelopment of downtown Worcester. The new project will include a parking garage to accommodate this phase as well as the to-be-developed Phase II, which will include an additional 128 residential units, Roseland states.

The 145 Front @ City Square is adjacent to Worcester Common and across the street from the new transportation hub at Worcester's Union Station with Massachusetts Bay Transportation Authority, Amtrak, and bus service. Roseland is finalizing a $41.5-million construction loan to support the build-out of the multifamily development.

The project is part of a 12-acre, master-planned community that will include an under construction 150-key hotel, a recently completed 65,000-square-foot St. Vincent Hospital medical facility, and a recently completed 214,000-square-foot office tower occupied by Unum Insurance. The master plan also calls for the development of parking garages, additional office space, and street level retail to be developed by the seller, CitySquare II Development Corp. LLC (an affiliate of Hanover Insurance Group) or prospective buyers of the various property components.

"These two properties are signature developments of Roseland and will reinforce our position as a premier developer, owner, and operator of multi-family residential units in the region," states Marshall Tycher, president of Roseland. "These two communities are perfectly reflective of the priorities embedded in our strategic plan; we are creating best-in-class urban residences with every amenity and convenience residents desire."

"This exciting project will capitalize on the incredible growth and revival of downtown Worcester, giving tenants convenient access to work and entertainment only steps away from their home," adds Andrew Marshall, executive vice president and chief operating officer of Roseland.

According to the company's website, Roseland's other Massachusetts holdings include the Alterra at Overlook Ridge in Revere, MA and Harborview at the Navy Yard in Charlestown, MA.

Earlier this week, Roseland reported that it was developing dual-branded Marriott hotels at its $3-billion mixed-use Port Imperial development in Weehawken, NJ.