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Camp Thoreau redevelopment secures financing for 237-unit Concord complex

Camp Thoreau redevelopment secures financing for 237-unit Concord complex

Built World Boston, MA local

Santander lends $60.7 million to build apartments under Massachusetts' Chapter 40B affordable housing law

3 days ago: Santander issues $60.7 million construction loan

Overview

Updated 42 minutes ago

A 237-unit apartment complex is set to break ground in Concord, the wealthy Boston suburb that has kept its zoning almost entirely single-family. Santander Bank issued a $60.7 million construction loan this month for the project at the Thoreau Club property, clearing the final financing hurdle after four years of approvals.

The project exists only because of Chapter 40B, the state's affordable housing law, which lets developers sidestep local zoning in towns where less than 10% of housing is affordable. Concord is under that threshold, so its Zoning Board of Appeal approved the plan despite the town's long resistance to multifamily buildings. This is the second 40B project in Concord to secure construction financing this summer — together they add more than 400 apartments the town spent decades refusing.

Why it matters

A 1969 state law is forcing affluent Massachusetts suburbs to accept apartments they long resisted. Concord's 237-unit complex is the latest proof.

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Key Indicators

$60.7M
Santander construction loan
Funds the 237-unit complex on a 13.9-acre wooded section of the Thoreau Club property.
237
Planned apartment units
Two 5-story buildings spanning 310,982 square feet, with an on-site wastewater plant.
$103M
Total project cost
Figure cited in Pinebrook Group's 2023 application to MassHousing.
2
Concord 40B projects financed in summer 2026
The Welch's HQ site, a 201-unit complex, also secured financing in August.

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Organizations Involved

Timeline

January 1969 September 2026

6 events Latest: 3 days ago
Tap a bar to jump to that date
  1. Santander issues $60.7 million construction loan

    Latest Financing

    Loan clears the way for groundbreaking on the 237-unit Camp Thoreau complex.

  2. L&G acquires Welch's HQ for second complex

    Acquisition

    British pension fund arms buys site approved for a 201-unit apartment complex.

  3. Concord zoning board approves project

    Approval

    Zoning Board of Appeal clears the 237-unit plan on a wooded 13.9-acre parcel.

  4. Pinebrook files Chapter 40B proposal

    Application

    Developer submits plan for 237 units, with project cost near $103 million.

  5. Pinebrook acquires Thoreau Club property

    Acquisition

    Boston-based developer buys the 33-acre athletic club site in Concord.

  6. Massachusetts enacts Chapter 40B

    Legislation

    Law allows developers to bypass local zoning where towns fall below 10% affordable housing.

Historical Context

3 moments from history that rhyme with this story — and how they unfolded.

March 1975 and January 1983

Mount Laurel Doctrines (1975, 1983)

New Jersey's Supreme Court struck down a town's exclusionary zoning, ruling municipalities must provide their 'fair share' of regional affordable housing. The 1983 ruling, Mount Laurel II, gave builders a strong tool to sue towns that resisted.

Then

Dozens of New Jersey towns faced court-ordered affordable housing quotas.

Now

The doctrine remains a landmark precedent for state courts overriding local zoning to address housing shortages.

Why this matters now

Like New Jersey's courts, Massachusetts' Chapter 40B uses state power to override local zoning in towns that exclude affordable housing.

January 2021

Massachusetts MBTA Communities Act (2021)

Massachusetts lawmakers required 177 cities and towns near transit to zone for multifamily housing by right, stripping local boards of discretion over density in designated districts.

Then

Suburbs scrambled to rewrite zoning codes under threat of losing state funding.

Now

It became the state's most aggressive anti-exclusionary zoning measure, though Boston is exempt from it.

Why this matters now

The Camp Thoreau project relies on the older 40B override, but both laws reflect the same state-versus-local fight over who decides what gets built.

1970s-1980s

Early Chapter 40B legal battles (1970s-1980s)

Wealthy Massachusetts towns fought 40B projects in court and at the ballot, arguing local control. The state Housing Appeals Committee repeatedly upheld the law's power to override local denials.

Then

Developers won the right to build in towns that refused affordable housing.

Now

A half-century of precedent made 40B the primary crack in suburban exclusionary zoning.

Why this matters now

Concord's approval of the Camp Thoreau project follows this established path: a developer uses 40B, wins a comprehensive permit, and funds construction.

Sources

(1)