Massachusetts

MassHousing Provides $78.8M in Financing for Multifamily Redevelopment in South Boston

by Taylor Williams October 6, 2020

BOSTON — MassHousing has provided $78.8 million in financing for the third phase of the redevelopment of Old Colony, a federal housing development originally built in 1940 in South Boston. The borrower, Beacon Communities LLC, in partnership with the Boston Housing Authority, will demolish 135 older public housing units at the Anne M. Lynch Homes and construct 170 new affordable homes for lower-income families and senior citizens. The project is part of the larger redevelopment of Old Colony, which has thus far added 420 new apartments and townhomes to the local supply.

October 6, 2020

Acquisitions Massachusetts Multifamily Northeast

Rockport Mortgage Arranges $32.8M Loan for Refinancing of Metro Boston Apartments

by Taylor Williams October 6, 2020

STONEHAM, MASS. — Rockport Mortgage Corp. has arranged a $32.8 million HUD loan for the refinancing of Mountain View Terrace Apartments, a 194-unit community located in the northern Boston suburb of Stoneham. Built in 1981 and renovated in 2011, the property sits on 8.2 acres and offers one- and two-bedroom apartments as well as three- and four-bedroom townhomes. A portion of the proceeds will be used to fund capital improvements. The owner of the property is 7th AP Co. LP.

October 6, 2020

Acquisitions Hospitality Massachusetts Northeast

Xenia Hotels Sells Residence Inn Boston Cambridge Hotel for $107.5M

by Taylor Williams October 5, 2020

CAMBRIDGE, MASS. — Xenia Hotels & Resorts Inc. (NYSE: XHR), a Florida-based REIT, has sold the 221-room Residence Inn by Marriott Boston Cambridge hotel for $107.5 million, or approximately $486,000 per key. The property is located near Harvard University and Kendall Square. The undisclosed buyer acquired the asset at a capitalization rate of 7.8 percent. Xenia will use the $46 million in net proceeds from the sale to repay outstanding debt and for other general corporate purposes.

October 5, 2020

Loans Massachusetts Multifamily Northeast

MassHousing Provides $28.9M Loan for Refinancing of Multifamily Asset in Metro Boston

by Taylor Williams October 5, 2020

QUINCY, MASS. — MassHousing has provided a $28.9 million loan for the refinancing of Town Brook House, a 151-unit multifamily community in Quincy, a southern suburb of Boston. The owner and borrower, Wollaston Lutheran Housing Corp., rents the property to senior citizens that qualify for affordable housing status. A portion of the funds will be used for capital improvements. The building was constructed in 1980 and consists of 136 one-bedroom units and 15 two-bedroom units. Amenities include a lounge, common activities area and a communal kitchen. Law firm Nixon Peabody advised the borrower in the transaction.

October 5, 2020

Acquisitions Industrial Massachusetts Northeast Self-Storage

Marcus & Millichap Brokers Sale of 301-Unit Self-Storage Facility in Worcester, Massachusetts

by Taylor Williams October 2, 2020

WORCESTER, MASS. — Marcus & Millichap has brokered the sale of a 301-unit CubeSmart self-storage facility in the central Massachusetts city of Worcester. The property features 19,776 square feet of net rentable climate-controlled space. Nathan Coe, Brett Hatcher, Gabriel Coe and Joseph French Jr. of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was also an undisclosed limited liability company.

October 2, 2020

Development Massachusetts Multifamily Northeast

Callahan Breaks Ground on 254-Unit Parkway Apartments in West Roxbury, Massachusetts

by Taylor Williams October 2, 2020

WEST ROXBURY, MASS. — General contractor Callahan Construction Managers has broken ground on Parkway Apartments, a 254-unit multifamily project in West Roxbury, located southwest of Boston. Designed by SK+I Architecture and developed by Lincoln Property Co., the property will consist of two four-story buildings offering a mix of market-rate and affordable units. Amenities will include a pool, fitness center, café, outdoor courtyard and a pet spa. Completion is scheduled for February 2022.

October 2, 2020

Loans Massachusetts Multifamily Northeast

Cornerstone Arranges $4.4M Construction Loan for Boston Apartments

by Taylor Williams October 2, 2020

BOSTON — Cornerstone Realty Capital has arranged a $4.4 million construction loan for a nine-unit multifamily project in the Allston neighborhood of Boston. Units will feature granite countertops, custom cabinetry, stainless steel appliances and individual washers and dryers. Andrew Saccone of Cornerstone originated the financing, which was structured with 24 months of interest-only payments and a 30-year amortization schedule. The borrower and direct lender were not disclosed.

October 2, 2020

Leasing Activity Massachusetts Northeast Office

Columbia Threadneedle Signs New Headquarters Lease at Atlantic Wharf in Downtown Boston

by Taylor Williams September 30, 2020

BOSTON — Global asset management firm Columbia Threadneedle Investments has signed an office lease for its new headquarters at Atlantic Wharf, a 32-story office building located at 290 Congress St. in downtown Boston. John Boyle, Michael Joyce, Tom O’Regan and Maeve Cleary of Cushman & Wakefield represented the tenant, which expects to move in next summer, in the lease negotiations. Boston Properties owns the building. Columbia Threadneedle employs more than 2,000 people and has offices in 17 countries.

September 30, 2020

Healthcare Leasing Activity Life Sciences Massachusetts Northeast Office

Azzur Group Signs 50,300 SF Life Sciences Lease in Metro Boston

by Taylor Williams September 30, 2020

BURLINGTON, MASS. — Azzur Group, a firm that helps life sciences companies start and scale, has signed a 50,300-square-foot office lease in Burlington, located north of Boston. Azzur Group plans to take occupancy of its space at 60 Blanchard Road by summer 2021. Newmark Knight Frank represented the building owner, a partnership between locally based development and investment firm Nordblom Co. and Alcion Ventures, in the lease negotiations. The Stevens Group represented the tenant.

September 30, 2020

Development Hospitality Massachusetts Northeast

Nauset Construction Completes 67-Room Hotel Redevelopment Project in Cambridge

by Taylor Williams September 29, 2020

CAMBRIDGE, MASS. — Nauset Construction has completed the redevelopment of the historic Whitney, Lucretia and Henry Building in Cambridge into a 67-room boutique luxury hotel. The property was built in 1870 and is located in the Central Square area. The developer was a partnership between Sean Casey LLC and Hay Creek Hotels. Gensler designed the project, which houses multiple food and beverage concepts and a rooftop terrace.

September 29, 2020

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