262-unit Upland Woods celebrates start of construction

NORWOOD, Nov. 5, 2014 --- Developers and funders gathered on Nov. 5 to mark the beginning of construction of Upland Woods Apartments, a 262-unit mixed-income rental apartment community on part of the former Polaroid campus.

Developed by Campanelli Construction Co. in partnership with Thorndike Development, Upland Woods will consist of seven four-story apartment buildings spread out over 24 acres. The neighborhood will also include a pool, club house and other amenities. Developers expect that first residents will move in by the spring of 2015. The development is expected to be completed by 2016.

Upland Woods Apartments will be located on part an 82-acre campus that Campanelli has owned for more than a decade. Originally the creation of Polaroid founder Edwin Land, the property features pathways, walking trails and hundreds of mature trees.

Developers said they hope to capitalize on the campus to create a neighborhood feel with tree-lined streets and sidewalks. "People who value neighborhood and community will find Upland Woods Apartments to be cut from a different cloth," said Lloyd Geisinger, president of Thorndike Development.

Upland Woods will consist of 196 market-rate apartments and 66 apartments affordable to households below 80 percent of median income. There will be 92 one-bedroom, 150 two-bedroom and 20 three-bedroom apartments.

The Town of Norwood granted a Ch. 40B comprehensive permit, which allowed the developers to build multi-family housing on land previously zoned for commerical. The Massachusetts Housing Partnership supported the development in two ways. First, MHP issued the developers a Project Eligibility Letter, which developers are required to obtain before beginning the local permitting process. MHP has also committed $15 million in long-term financing as part of a $56 million permanent financing loan participation with First Niagra. First Niagra is also the construction lender, with Blue Hills Bank as a participating lender.

“The need for apartment homes in the Commonwealth is tremendous," said Judy Jacobson, MHP's deputy director. "Not everyone can afford to buy a single-family home, so we need to create housing opportunities for those families. We commend the Town of Norwood for being part of the housing solution and are very confident that the Campanelli and Thorndike team will provide great quality housing in this community.”

For more information about this development and MHP financing programs, contact MHP Senior Loan Officer Nancy McCafferty at nmccafferty@mhp.net.