610 Salem Street
Update
07/06/21
Wakefield Development Site Acquired for $3.5M, Financed for $11M
The property at 610 Salem Street in Wakefield has been acquired for $3.5M with $11M in acquisition in construction financing provided by The Savings Bank and arranged by FinanceBoston. Previously an underutilized light industrial building, the 1+ acre parcel that sits on the border with Lynnfield will be redeveloped into a 41,000 square foot four-story condo complex featuring 30 residences ranging from 1, 2, and 3 bedroom units with garage parking and an elevator.
“The project is a prime example of eliciting a property’s highest and best use,” said Brian Rooney, Senior Associate at FinanceBoston. “It’s in a great location, in a great town, and less than a ¼ mile from the I-95 on-ramp and only 20 minutes from Boston. The developer has a great track record and I’m looking forward to following the project through to completion and seeing the finished product.”
