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Massachusetts

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Affordable HousingLoansMassachusettsMultifamilyNortheast

MassHousing Provides $94M in Financing for Metro Boston Affordable Housing Complex

by Taylor Williams

LOWELL, MASS. — MassHousing has provided $94 million in financing for Westminster Village Arms, a 432-unit affordable housing complex located north of Boston in Lowell. The property comprises 36 three-story buildings and a maintenance building that were constructed in 1970 and last renovated in 2012. Units come in studio, one-, two- and three-bedroom floor plans and are reserved for households earning 60 percent or less of the area median income. Amenities include a pool, basketball court, playground, business center, community room with a kitchen and onsite laundry facilities. The borrower, Related Affordable, will use the proceeds to retire existing debt, preserve the property’s affordability status and fund approximately $20 million in renovations.

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Affordable HousingDevelopmentLoansMassachusettsMultifamilyNortheast

MassDevelopment Provides $24.5M in Bond Financing for Metro Boston Affordable Housing Project

by Taylor Williams

CHELSEA, MASS. — MassDevelopment has provided $24.5 million in tax-exempt bond financing for a 66-unit affordable housing project that will be located just south of Boston in Chelsea. The building at 170 Cottage St. will ultimately house 11 three-bedroom units, 43 two-bedroom apartments and 12 one-bedroom residences. Units will be reserved for households earning up to 30, 50 or 60 percent or the area median income. The development will also include onsite parking and 15,000 square feet of open green space. A subsidiary of Eastern Bank purchased the bond, and the project is also being funded by $19.7 million in federal tax credits. The developer is nonprofit agency The Community Builders.

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DevelopmentMassachusettsMultifamilyNortheastSeniors Housing

Wingate Living to Develop 69-Unit Seniors Housing Project in Needham, Massachusetts

by Taylor Williams

NEEDHAM, MASS. — Regional owner-operator Wingate Living will develop a 69-unit seniors housing project in Needham, a western suburb of Boston. One Wingate Way East will offer one- and two-bedroom units with more than a dozen different floor plans. Amenities will include a pickleball court, rooftop lounge and grille, a golf simulator, art workshop, yoga and spin studios, library and a bistro bar with personal wine lockers. Construction is expected to begin before the end of the year.

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DevelopmentLife SciencesMassachusettsNortheastOffice

Columbia Construction, Margulies Perruzzi Complete 20,000 SF Office, Life Sciences Project in Boston

by Taylor Williams

BOSTON — General contractor Columbia Construction and locally based design firm Margulies Perruzzi Architects have completed a 20,000-square-foot office and life sciences project in Boston. The space serves as an innovation and workplace training center for biotechnology firm Boston Scientific Corp. and includes procedure rooms for simulated surgeries, conference rooms with movable walls, an auditorium and amenity spaces. R.W. Sullivan handled engineering services for the project.

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AcquisitionsAffordable HousingMassachusettsMultifamilyNortheast

Marcus & Millichap Brokers $5.3M Sale of Boston Workforce Housing Building

by Taylor Williams

BOSTON — Marcus & Millichap has brokered the $5.3 million sale of a 20-unit workforce housing building in the Dorchester area of Boston. The four-story building at 820-828 Blue Hill Ave. offers one-, two- and three-bedroom units across 21,410 square feet of space. Information on specific income restrictions was not disclosed. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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AcquisitionsMassachusettsMultifamilyNortheast

Empire Management Buys Industrial Flex Building in Metro Boston for $5.1M

by Taylor Williams

WESTFORD, MASS. — Locally based investment firm Empire Management has purchased a 28,000-square-foot industrial flex building in Acton, a northwestern suburb of Boston, for $5.1 million. The building at 364 Littleton Road, which according to LoopNet Inc. was constructed in 1998, was fully leased at the time of sale to tenants such as Alpha Graphics, National Roofing Co. and ADVG Digital. The seller was Ryan Development. Bernard Gibbons of ABG Commercial Realty brokered the deal.

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Emblem-120-Woburn
LoansMassachusettsMultifamilyNortheast

Mesa West Capital Provides $81M Loan for Refinancing of Metro Boston Apartment Complex

by Taylor Williams

WOBURN, MASS. —Mesa West Capital has provided an $81 million loan for the refinancing of Emblem 120, a 289-unit apartment complex in the northern Boston suburb of Woburn. Developed by a joint venture between Toll Brothers and Carlyle Group in 2022, Emblem 120 rises six stories and offers studio, one-, two- and three-bedroom floor plans. Amenities include a central courtyard, work-from-home space, rooftop terrace and lounge, pool with cabanas and a fitness center. The property also includes 9,390 square feet of street-level retail space. David Douvadjian, Timothy O’Donnell and David Douvadjian Jr. of Newmark arranged the debt through an undisclosed direct lender on behalf of the joint venture. 

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AcquisitionsDevelopmentLife SciencesMassachusettsNortheast

Cell Signaling Technology Buys 50-Acre Site in Metro Boston, Plans Life Sciences Redevelopment

by Taylor Williams

MANCHESTER-BY-THE-SEA, MASS. — Massachusetts-based life sciences company Cell Signaling Technology has purchased a 50-acre site in Manchester-by-the-Sea, about 30 miles northeast of Boston, with plans to undertake a life sciences redevelopment. Designed by architecture firm HGA, the project will convert the site of an abandoned rock quarry into a research and innovation campus that will feature 250,000 square feet of space. Ten acres of the site are occupied by the Manchester Athletic Club. A construction timeline for the project, which will be developed in phases, is still being finalized.

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Affordable HousingDevelopmentMassachusettsMultifamilyNortheast

Beacon Communities Completes Renovation of 285-Unit Affordable Housing Complex in Boston

by Taylor Williams

BOSTON — Beacon Communities has completed the renovation of Lenox Apartments, a 285-unit affordable housing community in the South End/Lower Roxbury neighborhood of Boston. Lenox Apartments comprises 13 buildings and offers one-, two- and three-bedroom floor plans. According to Beacon Communities, the property was originally built in 1939 as the first public housing project in Boston dedicated to serving African Americans. The renovation was funded through a mix of state and federal housing and historic tax credits, as well as public and private loans.

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AcquisitionsMassachusettsMultifamilyNortheast

NEPCG Negotiates $8.4M Sale of Metro Boston Apartment Portfolio

by Taylor Williams

CHELSEA, MASS. — Regional brokerage firm Northeast Private Client Group (NEPCG) has negotiated the $8.4 million sale of a portfolio of six apartment buildings totaling 27 units in Chelsea, located on the southern outskirts of Boston. The buildings are situated across three contiguous parcels at 31-47 Louis St. Drew Kirkland, Francis Saenz and Jim Casey of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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