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Massachusetts

150-Minuteman-Road-Andover-Massachusetts
AcquisitionsMassachusettsNortheastOffice

Newmark Brokers Sale of 112,418 SF Office, Life Sciences Building in Andover, Massachusetts

by Taylor Williams

ANDOVER, MASS. — Newmark has brokered the sale of 150 Minuteman Road, a 112,148-square-foot office and life sciences building in the northern Boston suburb of Andover. The building is one of six within the 1 million-square-foot Minuteman Park campus and was fully leased at the time of sale to global medical technology company Smith + Nephew. Institutional investment firm BentallGreenOak (BGO) sold the building to Optimum Asset Management for an undisclosed price. Robert Griffin, Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell and William Sleeper of Newmark brokered the deal.

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LoansMassachusettsNortheastOfficeRetail

Colliers Arranges $34.3M Loan for Refinancing of Historic Buildings in Boston Seaport District

by Taylor Williams

BOSTON — Colliers has arranged a $34.3 million loan for the refinancing of the Custom House Block and Gardiner Building at Long Wharf, a pair of historic buildings totaling 83,824 square feet in Boston’s Seaport District. The Custom House Block was originally completed in 1848 and totals 74,783 square feet, while the 9,041-square-foot Gardiner Building was originally constructed in 1760 and once functioned as John Hancock’s counting house. Today, both buildings house office and retail uses and were 94 percent occupied at the time of the loan closing. Patrick Boyle and Kevin Phelan of Colliers arranged the fixed-rate loan through Grant Street Funding on behalf of the owner, Capital Street Properties, which completed the adaptive reuse of the buildings in 2021.

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Affordable HousingDevelopmentMassachusettsMultifamilyNortheast

TCB Breaks Ground on 43-Unit Affordable Housing Project in Truro, Massachusetts

by Taylor Williams

TRURO, MASS. — The Community Builders (TCB) has broken ground on Cloverleaf, a 43-unit affordable housing project in Truro, located on Cape Cod. The majority (39) of residences will be restricted to households earning between 30 and 100 percent of the area median income, and the other four will be rented at market rates. Units will come in one-, two- and three-bedroom formats and will be spread across 10 buildings. TCB is developing Cloverleaf in partnership with Community Housing Resource Inc. and the Town of Truro.

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404-Wyman-St.-Waltham
DevelopmentLife SciencesMassachusettsNortheastOffice

Hobbs Brook Underway on Renovation of 384,841 SF Office, Life Sciences Facility in Waltham, Massachusetts

by Taylor Williams

WALTHAM, MASS. — Locally based owner-operator Hobbs Brook Real Estate is underway on the renovation of a 384,841-square-foot office and life sciences facility located at 404 Wyman St. in the western Boston suburb of Waltham. The building is part of an 11-building campus that is home to tenants such as Dassault Systems, FM Global, Commonwealth Financial Network and ZoomInfo. Renovations will include the addition of a new fitness center, a remodeling of lobby and upgrading of the conference center and café. In addition, Hobbs Brook will develop expansive outdoor spaces with seating areas, fire pits and new landscaping. Completion is slated for early next year.

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HospitalityLoansMassachusettsNortheast

EagleBridge Capital Arranges $10.8M Loan for Refinancing of Central Massachusetts Hotel

by Taylor Williams

AUBURN, MASS. — Boston-based mortgage banking firm EagleBridge Capital has arranged a $10.8 million loan for the refinancing of an 82-room Hampton Inn hotel in Auburn, located just outside of Worcester in Central Massachusetts. Rooms contain king or double queen beds, microwaves, refrigerators and coffeemakers, and amenities include an indoor pool, fitness room, meeting room, business center and complimentary breakfast. Ted Sidel of EagleBridge Capital arranged the 10-year loan, which carries a fixed interest rate and a 30-year amortization schedule. The borrower and direct lender were not disclosed.

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127-Amory-St.-Boston
Affordable HousingDevelopmentMassachusettsMultifamilyNortheast

MassDevelopment Provides $45.2M in Bond Financing for Boston Affordable Housing Project

by Taylor Williams

BOSTON — MassDevelopment has provided $45.2 million in tax-exempt bond financing for a 96-unit affordable housing project that will be located at 127 Amory St. in the Jamaica Plain area of Boston. Developed in partnership with the Boston Housing Authority, the building will offer 12 three-bedroom units, 51 two-bedroom units and 33 one-bedroom units, the majority of which (86 residences) will be reserved for households earning between 30 and 80 percent of the area median income. The other 10 units will be set aside for formerly homeless individuals or families. The building will also have 3,800 square feet of community space and a central green area. The borrower is an affiliate of The Community Builders Inc. Eastern Bank purchased the bond. The capital stack also includes $40 million in federal Low-Income Housing Tax Credits and a $15 million construction loan from Cambridge Savings Bank.

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Leasing ActivityMassachusettsNortheastRestaurantRetail

WS Development Welcomes Five New Tenants to Legacy Place Shopping Center in Dedham, Massachusetts

by Taylor Williams

DEDHAM, MASS. — Local owner-operator WS Development has welcomed five new tenants to Legacy Place, a 580,000-square-foot retail power center located in the southwestern Boston suburb of Dedham that was recently recapitalized. The new tenants are Mexican restaurant Anna’s Taqueria, permanent jewelry brand Brave Daughters, women’s apparel retailer Aritzia, Asian restaurant Mecha Noodle Bar and fitness concept [solidcore]. All openings are slated for various points in 2025.

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375-Broadway-Chelsea-Massachusetts
Affordable HousingLoansMassachusettsMultifamilyNortheast

MassHousing Provides $10.6M in Financing for Metro Boston Affordable Housing Project

by Taylor Williams

CHELSEA, MASS. — MassHousing has provided $10.6 million in financing for 375 Broadway, a 62-unit affordable housing project in Chelsea, a northeastern suburb of Boston. The financing consists of $7.7 million in permanent financing and $2.9 million in workforce housing financing. The developer, a partnership between Arx Urban and Boston Communities, will construct a 43-unit building from the ground up and rehabilitate a 19-building. Units will come in studio, one-, two- and three-bedroom floor plans and will feature a range of income restrictions. Construction is expected to be complete by the end of 2026.

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IndustrialMassachusettsNortheast

JLL Brokers Recapitalization of 217,217 SF Industrial Flex Portfolio in Greater Boston

by Taylor Williams

NORWOOD, WOBURN AND BILLERICA, MASS. — JLL has brokered the recapitalization of a portfolio of four industrial flex properties totaling 217,217 square feet in the greater Boston area. The facilities are located in Norwood, Woburn and Billerica and were all fully leased at the time of sale to a combined seven tenants. A fund managed by Berkeley Real Estate Partners previously owned the portfolio and sold the assets to a new joint venture in which Berkeley is the managing member and Invesco Real Estate as an investment partner. Michael Restivo, Andrew Gray and David Coffman of JLL structured the recapitalization on behalf of Berkeley. Brett Paulsrud, Andrew Gray, Hugh Doherty and Ali Howard, also with JLL, arranged acquisition financing for the deal on behalf of Invesco.

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Leasing ActivityMassachusettsNortheastOffice

InBloom Autism Services Signs 10,000 SF Office Lease in Woburn, Massachusetts

by Taylor Williams

WOBURN, MASS. — InBloom Autism Services has signed a 10,000-square-foot office lease in Woburn, a northern suburb of Boston. The provider of behavioral therapy services for young children relocated and expanded from its previous space on Constitution Way to the building at 12 Gill St., which according to LoopNet Inc. was built in 2000 and totals 182,603 square feet. Keith Page of Colorado-based brokerage firm CARR represented the tenant in the lease negotiations. Mike Truesdale represented the locally based landlord, Cummings Properties, on an internal basis.

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