Rockland Trust Lends $44 Million To AAM 15 for Development of Maple Square DanversDecember 30, 2022
DANVERS — Rockland Trust recently completed the financing of $44 million to AAM Danvers Residences, LLC for the construction of Maple Square, a mixed-use development in downtown Danvers. Maple Square will be comprised of 145 luxury apartments, 20% of which will be affordable housing units and ground-floor retail space.
“Rockland Trust is honored to partner with David R. Masse and the AAM 15 Management Team in creating a premier housing and retail opportunity in a vibrant community,” said Joseph Tavares, Vice President, Senior Commercial Lender at Rockland Trust. “Masse, a seasoned and innovative developer, is addressing the need for additional housing in a highly-desired location right in the heart of downtown Danvers.”
According to a release, In addition to the residential and commercial spaces, Maple Square will include a 1,334-square-foot adaptive reuse freight house next to a public park proposed for restaurant use. This project is following the national trend of town center walkability and convenience within an affluent suburb market with access to the city.
“The proximity of this concierge apartment complex to local businesses, the Danvers Rail Trail, and the Danvers YMCA, will provide a major stimulus to the local community,” said David R. Masse, CEO and Founder of AAM 15 Management.“Based on our deep banking relationship, Rockland Trust was an obvious choice as our lending partner for this development which will redefine the downtown area of Danvers.”
Maple square is close to Route 128, I-95, and Route 1 and is a 10-minute drive to the commuter rail. Residents can reach Logan Airport, Cambridge, and Boston within 45 minutes. Located just 20 miles north of downtown Boston, it is close to major employers, retail amenities and public transit. This location provides quick access to over 320,000+ jobs within 30 minutes of the property, as well as major nearby employers including Medtronic, North Shore Community College and numerous hospitals, including Lahey Medical Center, Mass General for Children-Salem and NorthShore Medical. The project’s construction is expected to commence in Spring 2023 and is expected to take 18 months to complete.