Callahan Construction Managers

Waverly Expands Portfolio With a Mixed-use Project Delivering Much Needed New, Local Housing and Retail

Framingham, MA – November 19, 2025 – Waverly Development, a full-service commercial real estate company focused on institutional-quality multifamily, mixed-use, and industrial properties, today announced the groundbreaking of a new, transit-oriented apartment community at 358 Waverly Street in downtown Framingham, approximately 500 feet from the Framingham Commuter Rail station.

The 181 home, urban infill project will transform a long-underutilized site into a vibrant residential community featuring nearly 3,000 square feet of retail, 21 affordable apartments, and 230 garage parking spaces. The development advances the City’s goals for smart growth, transit access, and downtown activation by delivering much-needed housing during a challenging market environment.

“At Waverly, we like to think of development as a team sport,” said Raymond Boghos, Principal, Waverly Development. “From day one, we’ve partnered closely with the City of Framingham, our neighbors, and our design and construction teams to deliver a thoughtful, responsive project that creates value for all stakeholders. This groundbreaking represents the start of a new chapter for downtown Framingham that offers more housing choices, easier access to transit, and inviting spaces that help people connect.”

The community will also feature a comprehensive amenity package consistent with a luxury apartment building, including a clubroom, fitness center with yoga studio, work from home offices, swimming pool, landscaped courtyard with fire pits and grilling stations, turf field for yard games, dog run, package and bike storage, private storage, EV charging, and more, designed to support modern lifestyles and foster community.

“The need for more smart, sensible, transit-oriented development is significant in Massachusetts, which is why the start of construction of the 358 Waverly Street project is so important for the Metrowest region,” said Patrick Callahan, President, Callahan Construction. “Waverly Development has shown that they understand the need to create multi-functional spaces that put underutilized properties to good use, and we are proud to be their construction partner on this community that will inject new life into downtown Framingham.”

Experienced Leadership at the Helm

Waverly was founded by their two principals: Julia Wynyard and Raymond Boghos. Wynyard has overseen the development of more than 3,250 apartment homes and $1.75 billion in multifamily, retail,

and commercial projects. Known for her focus on placemaking and community-building through design, Wynyard previously held senior roles at Samuels & Associates and AvalonBay Communities.

Her partner, Raymond Boghos, has spearheaded development and entitlement efforts for more than 2,000 apartments and 300,000 square feet of industrial assets, representing over $1 billion in investment. Boghos started his real estate career developing condos in South Boston while he was still in college. Today, he continues to bring that entrepreneurial spirit to Waverly, while also drawing from his experience as a developer with AvalonBay Communities, where he managed the full development lifecycle of multifamily projects across Massachusetts.

Together, Wynyard and Boghos bring more than 25 years of combined experience and a proven track record of creating institutional-quality housing and mixed-use communities. Their expertise in permitting, design, construction, and financing drives Waverly’s ability to move complex projects forward even in today’s challenging development environment.

Advancing the Future of Downtown Framingham

This project reflects three important themes in today’s real estate market: housing production at a time when getting projects financed and built is especially difficult; transformation of a key downtown site to create housing, retail, and new public-facing edges; and a commitment to transit-oriented, urban infill development that supports sustainable mobility and walkable, mixed-use neighborhoods.

“This groundbreaking represents a major step forward for the redevelopment of downtown Framingham and for housing in our city,” said Sarkis Sarkisian, Director of Planning & Community Development, City of Framingham. “The zoning that Town Meeting adopted in 2015, now aligned with the state’s MBTA Communities requirements, was designed to support exactly this kind of transit-oriented, mixed-use development. By bringing 181 new units, 11 percent of which are affordable and ground-floor retail to a long underutilized site near the Commuter Rail, Waverly Development is helping us meet a critical housing need while advancing our shared vision for a more connected, vibrant, and livable downtown for the people of Framingham.”

About Waverly Development

Waverly Development is a full-service, commercial real estate company focused on the development of institutional-quality multifamily, mixed-use, and industrial properties across Massachusetts. Founded in 2022 by Raymond Boghos and Julia Wynyard, Waverly’s principals bring more than 25 years of combined experience spanning $2B+ in investment and 4,000+ apartment homes. Current and recent work includes multifamily and mixed-use projects across urban and suburban submarkets in Greater Boston.