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Jun 02, 2015

Luxury Rental Community in Downtown Waltham Starts Leasing

Multi-Housing News
April 10, 2015
by Veronica Grecu, Associate Editor


Downtown Waltham gears up in anticipation as the initial phase of the first apartment community constructed in Waltham in decades is nearing completion.
The Merc at Moody & Main is a mixed-use, transit-oriented project located at the busy intersection of Moody Street and Main Street where the old Mercantile Building once stood.  Construction at the luxury rental building started in mid-2014 and, according to developer Northland Investment Corp., Phase I at The Merc is scheduled for completion in a couple of months. Northland announced that leasing activities have already begun at the rental complex and the first residents are expected to move in by the end of summer. Curbed Boston estimated that monthly rents at The Merc at Moody & Main will start at $2,095 for a studio, $2,495 for a one-bedroom unit and $2,895 for a two-bedroom.

“We are very excited to begin the leasing phase of this landmark development and are thrilled with the amount of interest we’ve had thus far,” said is a prepared statement Steven P. Rosenthal, President and CEO of Northland Investment Corporation. “The Merc will offer residents a true urban living experience with modern unit features and finishes, large windows, abundant amenities and convenient walking access to public transportation, restaurants and stores.”

Designed as a vibrant community where people live, work and play, The Merc at Moody & Main will offer 269 luxury rental apartments—with 27 units set aside as affordable housing—in three, five-story buildings. The project also includes a two-story underground parking garage big enough to accommodate 300 vehicles, as well as 92 surface parking spots.  The list of amenities at the Merc also includes a fitness center, a dog-washing station, community space with a billiard room, and on-site Zipcars. ADD Inc. is the architect, while Erland Construction serves as general contractor for the luxury project. According to Northland, PCCP LLC provided a $98 million construction loan for The Merc in spring last year, and Colliers International acted as the mortgage broker. CBRE is listed as the exclusive agent for the 27,975 square feet of street-level retail space.