Criterion Secures $64.5M Loan for Medford Apartment Project

The 224-unit Residences at Rivers Edge 3 is part of a larger master-planned development near the MBTA's Wellington station.

Apr. 6, 2026 at 2:26pm

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Criterion Development Partners has secured a $64.5 million construction loan from Webster Bank for its Residences at Rivers Edge 3 project, a 224-unit apartment development in Medford, Massachusetts. The project is part of a larger 30-acre master-planned community along the Malden River that is being redeveloped from a former industrial site.

Why it matters

This project is part of a broader wave of multifamily development in Medford, driven by the city's new MBTA Communities Act zoning district and the state's Chapter 40B affordable housing law. The redevelopment of former industrial sites near transit hubs is a key strategy for increasing housing supply in the Boston metro area.

The details

The Residences at Rivers Edge 3 will be a 7-story, 240,000 square-foot building with a 130-space parking garage. It is part of the larger Rivers Edge master-planned development, which is being overseen by the Mystic Valley Development Commission. Criterion has also received approval to redevelop the former KISS-108 radio station studios as a 276-unit apartment complex called The Residences at Wellington Station.

  • Criterion closed on the $64.5 million construction loan last week.
  • Criterion received approval from Medford officials last fall to redevelop the former KISS-108 radio station studios.

The players

Criterion Development Partners

A Dallas-based developer that is behind multiple multifamily projects in Medford, Massachusetts.

Webster Bank

The bank that provided the $64.5 million construction loan for Criterion's Residences at Rivers Edge 3 project.

Preotle, Lane & Associates

The master developer that has been repurposing the 30-acre former industrial brownfield site as an office-and-multifamily campus over the past two decades.

Mystic Valley Development Commission

A regional board that includes officials from Malden, Medford and Everett, and oversees development in the Rivers Edge district.

Transom Real Estate

A Boston-based developer that has been designated to build 283 apartments on city-owned parcels near Medford City Hall.

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What’s next

The Medford City Council is reviewing a zoning overlay to accommodate Transom Real Estate's 283-unit project near Medford City Hall.

The takeaway

The redevelopment of former industrial sites near transit hubs is a key strategy for increasing housing supply in the Boston metro area, and Medford is emerging as a hub for this type of transit-oriented development.