A multifamily development planned for a busy stretch of South River Road in Bedford has landed financing to begin construction.
The project at 121 South River Road is next to the in-development Market and Main project, which recently asked town officials for permission to reconfigure its program to focus the remaining development pads on multifamily uses.
John C. Kelly and Kyle Juszczyszyn of CBRE Capital Markets’ Debt & Structured Finance team obtained the financing on behalf of the joint venture ownership, GFI-JHM Bedford Owner LLC, partly controlled by Brockton, Massachusetts-based hotel developer Jiten Hotel Management and Boston-based real estate advisory firm GFI Partners.
“Through creating a competitive process and leveraging our strong lending relationships our client was able to capitalize their project with excellent financing terms that matched their business plan. The financing will allow GFI-JHM Bedford Owner, LLC to execute their construction plan and position the asset for long-term financial success,” Kelly said in a statement.
“We were attracted to the growth and strength of the Bedford housing market,” Jiten Patel, principal of Jiten Hotel Management, said in a statement. “We look forward to delivering a best-in-class community to accompany the top rate mixed-use development at Goffe Mill Plaza and the future Market and Main. The community will provide a top-tier living experience for our tenants.”
The project will consist entirely of market-rate units across one 5-story building with surface parking and amenities that include a fitness center with Peloton bikes, a rooftop lounge, dog wash room and large community room with private work spaces.
The site is 6.99 acres and will include a mix of studio, one-bedroom and two-bedroom apartments. The site sits off Route 3 and next to a park notable for its restored historic mill building, Goffe’s Mill. A half-mile walking path connects 121 South River Road with Market and Main. The 150,000 square feet of restaurant and retail space currently holds a grocery store and will also include retailers such as The Friendly Toast, Red Heat Tavern and Athleta.
