Mill Creek Secures $98M Construction Loan — Modera Mystic Multifamily Advances

Mill Creek Residential, working with The Architectural Team and H+O Structural Engineering, has reached a major milestone: the team has closed on a ~$97.6 million construction loan to bring the long-awaited Modera Mystic redevelopment at 4000 Mystic Valley Parkway in Medford to life.

Once the site of a vacant warehouse and after years of permitting debate, the parcel is now positioned to become one of Medford’s largest residential communities. With financing secured, the multifamily project is fully capitalized and moving beyond planning into construction.

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Renderings courtesy of The Architectural Team.

$98M in Financing Unlocks Medford’s Next Housing Chapter

  • $97.6M construction financing, underwritten by Truist Bank of Charlotte, NC
  • $20.5M acquisition completed earlier in September 2025
  • Approximately 350 apartments, including 88 affordable units
  • Two 8-story buildings, using a cost-efficient wood-over-podium system
  • Nearly 400 parking spaces across three podium levels
  • 2,000 square feet of retail frontage to activate the streetscape

Why the Structural Choice Matters

Wood-over-podium construction has become a common strategy for mid-rise multifamily developments across Greater Boston. Compared to all-steel or concrete systems, it often provides advantages such as cost efficiency, faster framing schedules, and a lower carbon footprint. These benefits can vary by site conditions, code requirements, and market factors, but they are well-documented across many projects in the region.

H+O has designed Modera Mystic with a hybrid system — five stories of Type IIIA wood construction stacked over a three-story post-tensioned concrete podium, creating an eight-story total building height. This approach creates 560,000 GSF of framed area and balances cost, efficiency, and constructability while supporting the project’s goal of delivering housing at scale within budget.

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Renderings courtesy of The Architectural Team.
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"It was $500,000 saved on a $24M project. That is real money, right?"
- Dave Traggorth, Causeway Development

Transit Access as the New Amenity

4000 Mystic sits at a critical node in Medford’s Wellington neighborhood, just minutes from downtown Boston. The site combines highway visibility with direct MBTA Orange Line access at Wellington Station. With a private shuttle originally proposed in early filings to connect residents directly to Wellington Station and ease community concerns about traffic and car dependency, the multifamily development strengthens Medford’s role in Greater Boston’s transit-oriented housing pipeline.

Navigating a Challenging Approval Path

  • Modera advanced under Chapter 40B, allowing approvals despite zoning hurdles by dedicating 25% of units as affordable.
  • After public hearings and design refinements, approvals were granted, with the City of Medford listing 4000 Mystic as a fully approved project.
  • With financing now secured, construction can begin without delay.

This trajectory shows the persistence needed to move housing forward in Greater Boston.

What Comes Next

With financing complete, Mill Creek is expected to advance toward site preparation and construction mobilization in the coming months. Foundation work, podium construction, and wood framing will mark visible milestones for the community, with leasing activity likely to begin as delivery approaches. For Medford, this means new residents, retail activation, and an expanded tax base.

If you’re designing a large‑scale multifamily or mixed‑use project, schedule a quick, no‑risk peer review of your current scheme; we’ll quantify potential savings, surface structural risks, and outline a path to a faster, more predictable build.

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