River's Edge in Medford has closed on a mortgage to fund its next residential building, clearing what developers describe as the biggest remaining financial hurdle and moving a seven-story, 224-unit apartment block closer to construction. The fresh financing adds momentum to the long-running riverfront redevelopment, which mixes offices, retail and park space along the Malden River.
Loan clears key hurdle for third residential phase
According to the Boston Business Journal, project backers secured mortgage financing on April 6 to support the third residential phase at River's Edge. The outlet reports that the mortgage is intended to cover construction costs and allow the development team to move ahead with site work, permitting and other pre-construction activity.
What the new building will include
Project materials, including H+O Structural Engineering's portfolio, describe the planned structure as a seven-story, roughly 283,000-square-foot podium building with 224 apartments, an elevated pool and amenity deck, and about 180 structured parking spaces. Those materials list Criterion Development Partners as the owner and Gensler as the architect for the 600 Rivers Edge parcel.
Where it fits in Medford's master plan
The site is part of the wider River's Edge campus, a roughly 30-acre mixed-use neighborhood north of the Wellington MBTA station that already includes office buildings, retail and riverfront parkland. The River's Edge development website lays out a multi-phase plan and past builds, and presents the newest residential block as the next step in creating a walkable, transit-oriented riverside district. River's Edge documentation highlights the campus layout and its amenities.
What’s next
With financing now in place, the developer and contractors can press ahead on final approvals, construction documents and site mobilization. Project listings note a phased occupancy plan so portions of the building can open as they are completed, instead of waiting for full buildout. The general contractor's project page also includes a project value estimate and emphasizes phased delivery to allow safe, staged occupancy. Dellbrook | JKS provides additional project details and timelines.
