BOSTON — Walker & Dunlop has provided a $356.4 million Freddie Mac loan for the refinancing of a portfolio of four multifamily properties totaling 1,817 units in New England. The portfolio comprises Royal Crest Marlboro, a 473-unit property located west of Boston; Royal Crest Warwick, a 492-unit community in Rhode Island; Waterford Village, a 588-unit asset located south of Boston; and Wexford Village, a 264-unit complex in Worcester. The properties were all built between 1970 and 1974. Craig West led the Walker & Dunlop team that originated the financing on behalf of the borrower, an affiliate of Harbor Group International.
BOSTON — JLL has arranged $8 million in financing for a 75,000-square-foot office building located at 15 Broad St. in downtown Boston. The 10-story building was originally constructed in 1910. Amy Lousararian and Hugh Doherty of JLL arranged the five-year, fixed-rate loan through MountainOne Bank. The borrower, local owner-operator Broder, plans to use proceeds to fund capital improvements, including a redesign of the lobby, upgrading of common areas and the introduction of a new amenity package.
BOSTON — MassDevelopment has provided $37.6 million in tax-exempt bond financing for an affordable housing conversion project in Boston. The project will convert the former Blessed Sacrament Church in the Jamaica Plain neighborhood, which was built in the early 1900s and served as an active parish until the early 2000s, into a 55-unit complex. The unit mix will consist of 17 studios, 25 one-bedroom residences and 13 two-bedroom apartments that will be reserved for households earning between 30 and 80 percent of the area median income. Six units will be specifically reserved for formerly homeless individuals. Construction is underway and is expected to be completed in early 2028. The developer is a partnership between an affiliate of Pennrose and the local nonprofit Hyde Square Task Force. Citizens Bank purchased the bond.
MILFORD, MASS. — Marcus & Millichap has negotiated the $4.1 million sale of a 39,424-square-foot healthcare property in Milford, located southwest of Boston. Built on 3.5 acres in 1985, Hill Office Park was 76 percent leased at the time of sale to 12 tenants, including Milford Regional Medical Center, Metro West Oral Surgery and Asthma Allergy Physicians. Harrison Klein of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.
BELMONT, MASS. — Zelco Properties & Development, in partnership with AGW Partners, has purchased a 34,000-square-foot retail condo in Belmont, a western suburb of Boston. The space is located within The Bradford, a newly constructed development that houses 115 apartments across three buildings in addition to the retail condo. Retail spaces range in size from 450 to nearly 20,000 square feet. Starbucks currently anchors the condo, which also includes purpose-built restaurant space. The partnership has tapped Connecticut-based Charter Realty to lead leasing efforts.
WALPOLE, MASS. — Fun City Adventure Park will open a 40,500-square-foot entertainment venue south of Boston at Walpole Mall. Construction is underway on the venue, which will feature trampolines, inflatables, interactive games and party zones. Other tenants that have recently or will soon open at Walpole Mall include Burlington, The Milkshake Factory, Chick-fil-A, Duck Donuts and MANI-Q SALON. Regional owner-operator Wilder Cos. bought Walpole Mall in 2023 and has since implemented a range of capital improvements.
CHESTNUT HILL, MASS. — Simon Property Group has begun the redevelopment of The Shops at Chestnut Hill, a shopping, dining and entertainment destination located on the western outskirts of Boston. The project will include a full repainting of the center’s interiors, the installation of a new lighting system, as well as fresh artwork and decor throughout the center, and a refreshing of the indoor garden area. Simon will also upgrade the center’s flooring, facades and restrooms. The project is expected to be substantially complete by the end of the year. The Shops at Chestnut Hill is currently home to about 50 retail and restaurant establishments, including the only Bloomingdale’s in Massachusetts.
BOSTON — JLL has negotiated the $83 million sale of a 28,856-square-foot retail property in Boston’s Back Bay neighborhood. Known as the Mandarin Oriental Retail Collection, the spaces are located at 772 and 776-778 Boylston St. at the base of the Mandarin Oriental Hotel and within the Prudential Center. Citizens Bank anchors the space, which was 82 percent leased at the time of sale. Other tenants include Frette, MiniLuxe and Lunette Optic. Chris Angelone, Zach Nitsche, Sam Wiesman and Anthony Cutone of JLL represented the undisclosed seller in the transaction and procured the buyer, The Hennick Group.
BOSTON — JLL has brokered the sale of the 80-room Boxer Hotel located at 107 Merrimac St. in Boston’s West End. The nine-story hotel was originally built in 1904 and last renovated in 2013. Additional upgrades to certain common areas and amenity spaces were completed in 2020. Amenities include a fitness center, bike rental program and an onsite restaurant and bar. Alan Suzuki, Matthew Enright and Emily Zhang of JLL represented the seller, Hersha Hotels & Resorts, in the transaction. The buyer was Eurostars Hotel Co.
BOSTON — Regional brokerage firm Hunneman has arranged the $11.8 million sale of a two-building, 14-unit apartment complex in the Brookline area of Boston. According to Apartments.com, the property at 10-12 Greenway Court was originally constructed in 1915 and exclusively offers two-bedroom units. Carl Christie and Dan McGee of Hunneman represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
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