GromaCorp Inc., a real estate and technology startup and real estate sponsor, announced that Mosaic, the flagship property of the Groma & US Boston Opportunity Zone Fund, is now stabilized with over 98% of its units leased as of mid-August 2023.
Groma says the property was completed and received its certificate of occupancy in September 2022.
Mosaic, a 146-unit residential development in the Boston suburb of Lynn, Massachusetts, was built and developed in partnership with The Procopio Companies and Delbrook, a general contractor. The company says it was financed with the support of HarborOne and BDC Capital as lenders, with Colliers acting as advisor.
Groma is the operational partner alongside Greystar.
Mosaic opened in September 2022 with various amenities, including a 2000-square-foot roof-deck, a pet wash and convenience store in the lobby, covered on-site parking, and “luxury finishes” throughout the property.
With the expected reopening of the commuter rail, further refinement of property management practices, and continuing development of cultural attractions in Lynn, Groma expects demand for Mosaic to continue to increase over the coming years.
“We’re big believers in the long-term potential of Lynn,” said Michael Rosenstein, Groma’s vice president of acquisitions. “Strong market fundamentals coupled with the tax advantages provided by the city’s Opportunity Zones make investments in properties like Mosaic especially compelling.”
In addition, GromaCorp says Mosaic features “significant usage of energy-saving green technology.” According to the company, by utilizing air source heat pumps, Mosaic lowers carbon emissions while providing savings to tenants. In addition, there are two green roofs planted above the commercial spaces, keeping the spaces cooler in the summer and warmer in the winter.
Groma says it is also leveraging its property management stack in the management of Mosaic. This includes smart lock infrastructure, efficient remote management, a streamlined tenant touring and application process, and a shared maintenance and logistics infrastructure across Groma’s nearly 50-building portfolio.
Groma is a vertically integrated real estate and technology firm. The company was founded in 2020 and is headquartered in Boston, MA.