Funds used to build 196-unit luxury apartment complex in North Andover

Citizens Bank announced today that it provided a $31.9 million construction loan to North Andover Holdings LLC, a joint venture between Woburn-based The Dolben Company and North Andover-based MINCO Development Corporation, to support the development of the 196-unit Berry Farms Apartments project at 10 Berry St. in North Andover.

The Dolben Company is a fifth-generation development and management company founded in 1929. Dolben currently manages approximately 15,000 units with a value of over $2.5 billion and has developed over 7,000 units.

Berry Farms Apartments will feature 196 luxury apartment homes on a 26-acre site in North Andover. The project was permitted under Massachusetts Chapter 40B, and consequently, 25 percent of the apartments will be offered at affordable rates to qualified residents. The community will consist of four residential apartment buildings and a free standing clubhouse.

“Citizens Bank’s Commercial Real Estate Finance team has been an excellent partner on this project,” said Deane Dolben, Principal of The Dolben Company. “This is our second deal with Citizens and Citizens’ bankers always have great ideas and the ability to execute transactions quickly and seamlessly.”

“The Dolben Company is a great client with a proven track record and a wealth of experience,” said Gary Magnuson, Executive Vice President and Head of Commercial Real Estate Finance at Citizens Bank. “We’re very happy to work with them and be able to help them achieve their strategic and financial goals.”

Citizens’ Commercial Real Estate Finance team provides project finance loans of more than $20 million, focusing on building relationships with strong commercial real estate sponsors located in the bank’s market coverage. Citizens makes loans for multifamily, office, retail, industrial and hospitality properties.

For more information about real estate financing options and more from Citizens, visit the Citizens Commercial Banking website.