Massachusetts

JLL Arranges $33.5M Loan for Refinancing of Metro Boston Shopping Center

by Taylor Williams February 11, 2021

SAUGUS, MASS. — JLL has arranged a $33.5 million loan for the refinancing of Saugus Plaza Shopping Center, a 208,500-square-foot retail power center in the northern Boston suburb of Saugus. The property spans 16 acres along Route 1 and houses tenants such as Petco and Kohl’s. John Fowler, Chris Angelone, Brett Paulsrud and Amy Lousararian of JLL placed the fixed-rate loan through HarborOne Bank and Salem One on behalf of the borrower, locally based development and management firm Finard Properties.

February 11, 2021

Development Massachusetts Multifamily Northeast

Related Beal Nears Completion of 172-Unit Apartment Complex in Boston’s South End

by Taylor Williams February 11, 2021

BOSTON — Locally based developer Related Beal is nearing completion of The Harris, a 172-unit apartment complex that will be located at the site of the former Quinzani Bakery in Boston’s South End neighborhood. Residences will come in studio, one-, two- and three-bedroom floor plans and will be furnished with custom oak cabinetry, quartz countertops and tile backsplashes. Amenities will include an 8,000-square-foot fitness center with yoga and spin studios, as well as basketball and squash courts. In addition, residents will have access to a billiards lounge with reservable dining spaces and a 5,700-square-foot terrace with grills, fire pits, lounge furniture and TVs. Construction of The Harris began in 2019 and is expected to be complete in late spring.

February 11, 2021

Acquisitions Healthcare Life Sciences Massachusetts Northeast Office

Berkeley Acquires 97,000 SF Historic Building in Metro Boston, Plans Life Sciences Conversion

by Taylor Williams February 10, 2021

WATERTOWN, MASS. — Boston-based Berkeley Investments has purchased the historic Chase Mills building in the western Boston suburb of Watertown with plans to modernize the property’s utility systems and add life sciences space. Over the years, the 97,000-square-foot building, which is located at 64 Pleasant St. and currently houses the headquarters of architecture firm Sasaki, has also served as a paper factory and garment manufacturing plant. Sasaki sold the building, which it has owned and occupied since the 1950s, to Berkeley Investments for an undisclosed price.

February 10, 2021

Acquisitions Massachusetts Northeast Office Retail

Gazit Horizons Buys 50,000 SF Retail, Office Building in Boston for $45M

by Taylor Williams February 10, 2021

BOSTON —Gazit Horizons, a subsidiary of global real estate firm Gazit-Globe, has purchased a 50,000-square-foot office and retail building located at 1430 Massachusetts Ave. in Boston. University Common Real Estate sold the property for $45 million in an off-market transaction. The historic building is located within the Harvard Square area and was originally constructed in the 1830s as a dormitory for the Ivy League university. Gazit Horizons will implement a value-add program that will renovate the lobby, common areas and building systems and will operate the building in a joint venture with private investment firm Hennick & Co.

February 10, 2021

Acquisitions Massachusetts Multifamily Northeast

CBRE Negotiates $95.5M Sale of Strata Apartments in Malden, Massachusetts

by Taylor Williams February 8, 2021

MALDEN, MASS. — CBRE has negotiated the $95.5 million sale of Strata, a 295-unit apartment community located in the northern Boston suburb of Malden. The sales price equates to approximately $324,000 per unit. The property, which was 100 percent occupied at the time of sale, is situated on 8.4 acres and offers one-, two- and three-bedroom units with an average size of 892 square feet. Amenities include a pool, outdoor grilling areas and fire pits and a fitness center. Simon Butler, Biria St. John and John McLaughlin of CBRE the seller, Boston-based Taurus Investment Holdings, and procured the buyer, an affiliate of The Green Cities Company of Portland, Oregon.

February 8, 2021

Development Healthcare Life Sciences Loans Massachusetts Multifamily Northeast Office

Joint Venture to Develop 194,000 SF Life Sciences Facility, 450-Unit Apartment Building in Boston

by Taylor Williams February 8, 2021

BOSTON — A joint venture between affiliates of Magellan Development Group, RAS Development, Cypress Equity Investments and USAA Real Estate will develop a 194,000-square-foot life sciences facility and a 450-unit apartment building in the Somerville area of Boston. The development represents the first phase of the master plan for the revitalization of Union Square, a project that will ultimately span 2.4 million square feet of commercial and residential space. The project also includes the addition of an MBTA Green Line station. Daniel Kaufman, Frederic Wittmann and Brett Paulsrud of JLL arranged construction financing through Bank OZK for both the life sciences and the multifamily components of the project.

February 8, 2021

Loans Massachusetts Multifamily Northeast

Berkadia Provides $17.5M Fannie Mae Loan for Refinancing of Boston Multifamily Portfolio

by Taylor Williams February 8, 2021

BOSTON — Berkadia has provided a $17.5 million Fannie Mae loan for the refinancing of a portfolio of 11 multifamily properties totaling 89 units in Boston. The properties are primarily located in the Dorchester and Mattapan areas on the city’s south side. Mitch Sinberg, Matthew Robbins and Wesley Moczul of Berkadia originated the 12-year, fixed-rate loan on behalf of the borrower, BT Holland Real Estate.

February 8, 2021

Affordable Housing Development Massachusetts Multifamily Northeast

The Neighborhood Developers Underway on 77-Unit Affordable Housing Project Near Boston

by Taylor Williams February 8, 2021

EVERETT, MASS. — The Neighborhood Developers, a Massachusetts-based nonprofit organization, is underway on construction of an affordable housing project in Everett, a northern suburb of Boston. The project will add 77 units for seniors age 62 and above, as well as a 4,000-square-foot healthcare facility, to the local supply. The project also includes six townhomes that will be listed for sale at below-market prices. A completion date was not disclosed.

February 8, 2021

Leasing Activity Massachusetts Northeast Office

Loomis, Sayles & Co. Signs 232,000 SF Office Lease Extension in Downtown Boston

by Taylor Williams February 4, 2021

BOSTON — Global investment management firm Loomis, Sayles & Co. has signed a 232,000-square-foot office lease extension and restructuring at One Financial Center in downtown Boston. Ron Perry, Larry Epstein and Matt Perry of Avison Young represented the tenant in the lease negotiations. Bill Anderson, Dave Martel and Allison Cavanaugh of Newmark represented the landlord, a joint venture between MetLife Investment Management and Norges Bank Investment Management. The deal, which keeps the tenant on the premises with a reduced footprint through 2037, marks the largest office lease transaction in Boston since mid-2019, according to the brokerage team.

February 4, 2021

Acquisitions Massachusetts Multifamily Northeast

Harbor Group International Buys 120-Unit Multifamily Property in Wilmington, Massachusetts

by Taylor Williams February 4, 2021

WILMINGTON, MASS. — An affiliate of Harbor Group International (HGI) has purchased Regency Place, a 120-unit multifamily property in Wilmington, a northern suburb of Boston. The property is situated on 11.8 acres and features one- and two-bedroom units with an average size of 1,012 square feet. Amenities include a pool, fitness center and a community room. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an institutional investor advised by CBRE Global Investors, and procured HGI as the buyer.

February 4, 2021

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