January 22, 2020
Citizens Commercial Banking’s commercial real estate finance team is providing a $53-million loan to National Development for the construction of 7INK, a 180-unit co-living residential project at the seven-building Ink Block development in Boston’s South End. First announced by locally-based National Development in late 2017, it’s reportedly the first co-living development in the city.
Citizens is the sole lender on the 14-story 7INK project. 7INK will be owned and managed by National Development with service provided by Ollie, a New York City-based national leader in co-living.
“The Citizens team has deep knowledge of the commercial real estate landscape and their close attention to detail made for a seamless and timely execution,” said Tom Alperin of National Development, based in Newton Lower Falls, MA.
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