NORTHAMPTON, MASS. — MassHousing has provided $4.5 million in financing for the development of North Commons at Village Hill, a 53-unit workforce housing project that will be located in the Central Massachusetts city of Northampton. The financing consisted of $3.1 million in taxable permanent financing and $1.4 million in financing from the Agency’s Workforce Housing Initiative. The borrower was The Community Builders. The property will feature eight studio units, 19 one-bedroom apartments, 22 two-bedroom residences and four three-bedroom apartments. A construction timeline was not disclosed.
BOSTON — A partnership between East Boston Community Development Corp. (EBCDC) and Affirmative Investments has broken ground on Grace Apartments, a 42-unit affordable seniors housing development in East Boston. Designed by locally based architecture firm DiMella Shaffer, Grace Apartments will feature one- and two-bedroom units ranging from 496 to 722 square feet. Completion is scheduled for spring 2022.
BOSTON — WS Development has topped out 111 Harbor Way, a 525,000-square-foot office project in Boston’s Seaport District that will be occupied by Amazon upon completion in late 2021 or early 2022. Designed by Gensler, the property is located within WS Development’s Boston Seaport mixed-use development that spans 33 acres and 20 city blocks. Amazon is expected to occupy about 430,000 square feet and create about 2,000 new jobs within the building.
SAN DIEGO AND BOSTON — Life sciences real estate development firm IQHQ Inc. has completed a $1.7 billion equity raise. The company — which completed an initial equity raise of $770 million earlier this year — plans to use the combined funds to build 4.4 million square feet of projects that are currently in its development pipeline. The company has offices in San Diego and Boston, both hubs for life sciences companies. The demand for life sciences real estate continues to increase as the need for vaccines, therapeutics and diagnostics intensifies amid the COVID-19 pandemic, according to an October report by CBRE. Plymouth Meeting, Pa.-based CenterSquare Investment Management invested $158 million in IQHQ’s latest funding round, alongside a group of undisclosed new and existing strategic partners. Madison International Realty, a real estate private equity firm, invested $100 million with an option to invest an incremental $100 million in IQHQ. IQHQ’s current projects include sites in Boston, San Francisco and San Diego. The company announced plans to develop the San Diego Research and Development District (RaDD), a $1.5 billion life science campus located along San Diego’s waterfront, in September. The RaDD will span eight acres and three city blocks, making it …
BOSTON — MassHousing has provided a $36 million construction loan for the development of The Loop at Mattapan Station, a 135-unit affordable housing community located in the Mattapan area on the south side of Boston. Preservation of Affordable Housing, a nonprofit organization, is developing the building, which will house 10,000 square feet of ground-floor retail space and is expected to be complete in June 2022. The unit mix will include six studio apartments, 38 one-bedroom apartments, 81 two-bedroom apartments and 10 three-bedroom apartments. Approximately 30 percent of the units will be designated as workforce housing.
BOSTON — Newmark has brokered the sale of One Alewife Center, a 90,000-square-foot life sciences facility located adjacent to the MBTA Alewife station on the city’s north side. The facility is situated within the 290,000-square-foot Alewife Park office and life sciences campus. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark represented the seller, James Campbell Co., in the transaction. The team also procured life sciences REIT IQHQ as the buyer. IQHQ also purchased the larger Alewife Park campus in July.
CANTON, MASS. — Mortgage banking firm Fantini & Gorga has arranged a $19.9 million construction loan for Millside at Heritage Park, a 60-unit multifamily project in the southern Boston suburb of Canton. The age-restricted community will offer one- and two-bedroom units averaging 1,076 square feet, with 25 percent of the units reserved for households earning 80 percent or less of the area median income. Casimir Groblewski and Lindsay Feig of Fantini & Gorga arranged the loan through HarborOne Bank and Bristol County Savings Bank on behalf of the borrower, 104 Revere Street LLC.
MILFORD, MASS. — Nuveen Real Estate has purchased One National, a 300,000-square-foot industrial facility located in the southwestern Boston suburb of Milford for $52 million. According to LoopNet Inc., the property is located at 1 National Drive, was built in 1973 and renovated in 2019. The seller was not disclosed. The property was fully leased to an undisclosed e-commerce tenant at the time of sale.
MANSFIELD, MASS. — Newmark has arranged the $25 million sale of a 74,383-square-foot shopping center located at 377 Chauncy St. in Mansfield, a southern suburb of Boston. Grocer Stop & Shop anchors the property, which is situated on nine acres along Route 140. Robert Griffin, Geoffrey Millerd, Paul Penman and Mat Adler of Newmark represented the undisclosed seller and procured the buyer, Bailard Real Estate Fund, in the transaction.
RANDOLPH, MASS. — Chicago-based investment firm Waterton has acquired Rosemont Square at 2 Chestnut West, a 503-unit apartment community located in the southern Boston suburb of Randolph. The property comprises 20 three- and four-story buildings that were constructed in phases between 1982 and 2012. Units feature one and two-bedroom floor plans. Amenities include a pool, outdoor grilling stations and multiple playgrounds. The transaction, the seller in which was not disclosed, marks Waterton’s first multifamily acquisition in the greater Boston market. Waterton will also implement a value-add program to select unit interiors, common area and amenity spaces and pieces of landscaping.