CIT Group and Square Mile Capital provide $63m construction financing for multifamily development near Boston

CIT Group and Square Mile Capital Management have originated a $63.9 million loan to finance the development of The Caldwell, a 259-unit, 180,000-square-foot high-rise rental residential project with ground-floor retail being developed in Lynn, Mass.

The financing was provided to a joint venture between affiliates of The Carlyle Group, a global investment firm, and The Procopio Cos., a local developer.

“The Greater Boston area remains a strong market for residential development, especially where there is ready access to mass transit,” said Matthew Galligan, president of CIT’s Real Estate Finance division.

Mike Kusy, Square Mile Capital vice president, added, “We are excited to have the opportunity to provide financing to the experienced partnership of