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REVERE, MA-Short Hills, NJ-based Roseland Property Group has obtained $31 million in permanent, fixed-rate financing for Overlook Ridge, a two-phase multifamily rental development. Phase I consists of two mid-rise buildings containing 310 residential units, connected by a 329-vehicle garage.

It is located on an eight-acre parcel at 11 Overlook Ridge Dr., five miles north of Boston. Published rental rates for a one-bedroom unit begin at $1,295 a month, and rates for a two-bedroom unit begin at $1,575 a month. A spokesperson at Roseland tells GlobeSt.com the units are nearly fully leased. The timeline for Phase II was not disclosed, but, according to published reports, will take the complex to a total of 765 rental units.

The Overlook Ridge apartments are part of the redevelopment of the former 99-acre Rowe Quarry on Route 1, which straddles the border between Revere and Malden. Roseland is spearheading the redevelopment of the brownfield acreage in collaboration with the state, the communities of Malden and Revere and private developers. The master plan ultimately calls for a build-out of up to 2,300 residential units, including single-family homes, 120,000 sf of retail, and a 120-room hotel along with a seven-acre landscaped conservation area.

The permanent, fixed-rate financing for the Phase I multifamily structure was arranged by Scott C. Dow, SVP of the Boston loan origination office of GMAC Commercial Mortgage Corp. The lender is ING Life Insurance and Annuity Co. Dow says he collaborated on the deal with GMACCM’s Red Bank, NJ office, “which has worked with the borrower in the past.” He did not disclose the term or interest rate.

Roseland’s other master-planned projects include Port Imperial, NJ, which spans two miles along the Hudson River, and Pier One in Boston Harbor. It is also the redeveloper of Boston’s Hingham Shipyard.

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