146-unit Mosaic, the newest green development in Lynn, announces full lease-up less than one year after opening

(Lynn, MA) - GromaCorp, Inc. (Groma), an innovative 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. The property was completed and received its certificate of occupancy in September of 2022.

Mosaic, a 146-unit residential development in Lynn, was built and developed in partnership with The Procopio Companies, a well-known developer with deep experience in the region, and Delbrook, an expert general contractor. 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 compelling amenities including a 2000 square foot roof deck with ocean and Boston skyline views, a pet wash and convenience store in the lobby, covered on-site parking, and luxury finishes throughout the property. Groma, together with partner Greystar, engaged with local community partners to get the word out about Mosaic, resulting in excitement about the property and a record-setting lease-up timeline when compared to similar properties nearby.

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 VP 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, Mosaic features significant usage of energy-saving green technology. By utilizing efficient air source heat pumps, Mosaic lowers carbon emissions while providing savings to tenants. The air source heat pump installation made Mosaic eligible for 13,140 AEC (Alternative Energy Credits) as part of Massachusetts Alternative Energy Portfolio Standard program. This program incentivizes and rewards real estate operators for reducing carbon emissions. Adding to the efficiency are the two green roofs planted above the commercial spaces, enhancing visual appeal while keeping the spaces cooler in the summer and warmer in the winter.

Groma is also leveraging its property management stack, primarily developed to bring efficiency to small unit multifamily assets, 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, lowering expenses and shortening maintenance resolution timelines for tenants.