Beacon Bank celebrates groundbreaking for multifamily community in Norwood, MA, following closing of $44.5M in construction financing

NORWOOD, Massachusetts, June 25, 2026 — Beacon Bank joined in celebrating the groundbreaking for a luxury multifamily community that will bring 145 new apartments to this Greater Boston submarket, of which 20% are designated affordable. The bank’s $44.5 million construction financing was arranged by Colliers for developer Tremont Asset Management LLC.

Slated for completion in late 2027, the apartment complex at 259 Lenox St. will be located steps away from the MBTA’s Norwood Central Commuter Rail Station, which can deliver future tenants to downtown Boston in just 30 minutes. Norwood has not welcomed a similar large-scale, luxury multifamily project since Avalon Norwood delivered nearly 200 units in 2020. 

"We identified this site for its exceptional transit connectivity and spent several years planning a project that will elevate the multifamily housing offering in Norwood," said Sam Slater, managing partner at Tremont Asset Management LLC. "We are pleased to be partnering again with Beacon Bank as we move forward with the development of this exciting multifamily community.”

The development will feature a mix of junior one-bedroom, one-bedroom and two-bedroom residences, along with 169 surface parking spaces. Residents will have access to a best-in-class amenity package, including an outdoor pool and sun deck, fitness center, golf simulator, co-working spaces, grilling areas, bike storage and more. The site is also within walking distance of Norwood Town Square and Norwood Plaza, providing convenient access to grocery, retail and dining options.

The Norwood/Route 1 South submarket has demonstrated strong multifamily fundamentals over the past five years, with annual rental growth of 4.8 percent and average occupancy exceeding 95 percent. Demand continues to be supported by the area's transit accessibility, proximity to Route 128 and Interstate 95 employment centers, and limited supply of newly delivered housing. 

“Beacon Bank is grateful for the opportunity to once again support Tremont Asset Management LLC through its development of this project that will bring much-needed housing stock to the under-served Norwood market,” said Commercial Banker Ryan Abbott.

Colliers’ Capital Markets team was led by Patrick Boyle, who added: “The strength of the sponsorship, quality of the development and experience of the project team generated significant lender interest, and Beacon Bank delivered an execution that aligned with our client's objectives. We appreciate the collaboration among all parties involved and look forward to seeing the project make a meaningful impact on the market.”

Abbott agreed, saying: “We would like to express our gratitude to longtime client, Sam Slater, and Patrick Boyle for their trust in our ability to execute on the complex financing that this significant project required.” 

Also on hand for the June 16 groundbreaking were other key project stakeholders including architect Embarc, civil engineer Allen & Major, and general contractor Callahan Construction Managers.

About Beacon Bank 
Beacon Bank is a full-service, regional bank serving the Northeast and a subsidiary of Beacon Financial Corporation (NYSE: BBT). Headquartered in Boston, Massachusetts, the bank has $22.2 billion in assets and more than 145 branches throughout New England and New York. The company, through Beacon Bank, offers a full suite of tailored banking solutions including commercial, cash management, asset-based lending, retail, consumer and residential products and services. It also provides equipment financing through its Eastern Funding subsidiary, SBA lending through its 44 Business Capital division and private wealth services through Clarendon Private. To learn more, visit BeaconBank.com and follow Beacon on Facebook, Instagram, and LinkedIn.

Media Contact:
Alison Skratt, Corporate Communications
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413.769.6007