Belmont Savings Bank recently announced the finalization of a $5.4 million loan to Emerson Lofts at Cottage Park, a 16-unit real estate development in a former box company in North Cambridge.
"Belmont Savings Bank continues its history of partnering with developers to revitalize historic Greater Boston neighborhoods, in this case North Cambridge," Glenn Davis, vice president of commercial real estate lending, said in a statement. "We look forward to the opening of Emerson Lofts next summer, as well as future developments the bank has the privilege to be involved in."
Other recent loans have included a 42-unit multifamily project in Brighton Center and a newly opened high-end apartment complex in West Roxbury.
Located in North Cambridge near Alewife, Emerson Lofts at Cottage Park will offer two- and three-bedroom condos from 1,038 to 2,191 square feet of living space, for $475,000 to $750,000. The development is an adaptive reuse of a brick factory building and was also the site of the first Iron Lung.
Belmont Savings Bank is the only financing entity involved in this development, which is slated to open by next summer.
