Massachusetts

Orix to Grow LIHTC Platform to $15B with Acquisition of Boston Capital’s Portfolio

by John Nelson September 15, 2020

BOSTON — Boston Financial Investment Management, a subsidiary of Orix Corp. USA, has agreed to acquire Boston Capital’s low-income housing tax credit (LIHTC) fund portfolio. The purchase of Boston Capital’s portfolio will nearly double Orix’s LIHTC platform to $15 billion in funds under management. (Boston Financial and Boston Capital are not affiliated.) Boston Financial is one of the leading syndicators in the LIHTC industry. The firm currently manages a $7.7 billion portfolio comprising more than 1,125 properties and 98,110 units. Boston Financial will service Boston Capital’s assets under management. According to a release from Orix, the firm views the LIHTC business as one that shows projected growth, even during the economic uncertainty of the COVID-19 pandemic. Because rent for LIHTC properties is often below comparable non-tax-credit properties and the government supports many LIHTC residents in the form of rental assistance, Boston Financial has seen occupancy rates remain stable during the pandemic. The closing of the transaction is subject to customary closing conditions and approvals. The acquisition price was not disclosed. Established by Congress in 1986, LIHTC is a tax incentive program designed to promote the supply of affordable rental housing for low-income households. LIHTC syndicators such as Boston Financial and …

September 15, 2020

Company News Massachusetts Northeast Retail

WS Development Acquires The Paper Store Following Retailer’s Chapter 11 Filing

by Taylor Williams September 9, 2020

CHESTNUT HILL, MASS. — A group of investors led by WS Development has acquired The Paper Store, a family-owned and operated Hallmark Gold Crown retailer with stores throughout the Northeast. The Paper Store filed for Chapter 11 bankruptcy in mid-July due to the impact of COVID-19 regulations shuttering its 86 stores for several months. Following a successful restructuring of debt, The Paper Store, which employs about 2,000 people, will continue to operate its stores. WS Development holds a portfolio of 95 commercial properties totaling more than 27 million square feet across the country.

September 9, 2020

Company News Massachusetts New York Northeast

DeSimone Consulting Buys Massachusetts-Based RRC Engineering

by Taylor Williams September 8, 2020

NEW YORK CITY — New York City-based DeSimone Consulting Engineers has purchased RRC Engineering, a Plainville, Mass.-based firm that specializes in the design of data centers. RRC’s founder and principal Robert Chartrand will continue to lead the firm from its current office, while DeSimone will also continue to operate its regional office from 31 Milk St. in Boston. DeSimone was founded in 1969 and provides engineering solutions across a range of commercial asset classes.

September 8, 2020

Development Massachusetts Northeast Retail

Crosspoint Associates Acquires Land in Metro Boston for Retail Expansion Project

by Taylor Williams September 8, 2020

FRAMINGHAM, MASS. — Locally based development firm Crosspoint Associates has acquired 2.7 acres in the western Boston suburb of Framingham for a retail expansion project. The site formerly housed a Colonial Nissan car dealership and is located adjacent to a Whole Foods Marketplace that will be expanded by 7,163 square feet to a total size of 43,617 square feet. The site will also house other retail users, including a Starbucks with a drive-thru area. Bernard Gibbons of Associated Brokerage Group represented Empire Management Corp. in its disposition of the land. Craig Barker of Boston Real Estate Advisors represented Crosspoint Associates.

September 8, 2020

Acquisitions Massachusetts Multifamily Northeast

Marcus & Millichap Brokers Sale of 34-Unit Apartment Building in Metro Boston for $6.9M

by Taylor Williams September 8, 2020

QUINCY, MASS. — Marcus & Millichap has brokered the sale of a 34-unit apartment building located at 40 Butler Road in the southern Boston suburb of Quincy for $6.9 million. The property consists of 30 one-bedroom units and four two-bedroom residences and is located within walking distance of the Quincy Center MBTA station. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties requested anonymity

September 8, 2020

Affordable Housing Loans Massachusetts Multifamily Northeast

MassHousing Provides $25M in Financing for Renovation of Affordable Housing Community in Boston

by Taylor Williams September 3, 2020

BOSTON — MassHousing, an independent public agency that funds affordable housing properties in Massachusetts, has provided $25 million in financing for the renovation of Morse Apartments, a 99-unit community located in the Brookline neighborhood of Boston. The financing, which includes tax-exempt housing revenue bonds and Low Income Housing Tax Credits, will preserve the affordability of the community for another 75 years. The borrower was Brookline Housing Authority. Morse Apartments was constructed in 1973 at 90 Longwood Ave. and is reserved for low-income senior citizens. Renovations are expected to be complete by summer 2022.

September 3, 2020

Acquisitions Industrial Massachusetts Northeast

JLL Negotiates $7.3M Sale of Industrial Property in Metro Boston

by Taylor Williams August 31, 2020

MALDEN, MASS. — JLL has negotiated the $7.3 million sale of a 50,000-square-foot industrial property in the northern Boston suburb of Malden. The property is located on 1.8 acres at 60 Winter St. in a Qualified Opportunity Zone and was fully leased at the time of sale of sale to aerospace and defense contractor Enjet Aero. Michael Restivo and Matthew Sherry of JLL represented the seller, a private family, in the transaction. Eastern Real Estate acquired the asset in an off-market transaction.

August 31, 2020

Acquisitions Massachusetts Northeast Office Top Stories

Newmark Knight Frank Arranges $330M Sale of Reservoir Woods East Office Campus Near Boston

by Alex Tostado August 27, 2020

WALTHAM, MASS. — Newmark Knight Frank (NKF) has arranged the $330 million sale of Reservoir Woods East, a two-building, 515,273-square-foot office campus in Waltham. The building located at 40 Sylvan Road is a three-story, 312,845-square-foot asset, while the building at 50-60 Sylvan Road is a two-story, 202,428-square-foot property. The campus, which is situated 18 miles west of downtown Boston, also features up to 440,000 square feet of development potential, ideal for life-sciences use. A subsidiary of Verizon Laboratories leases space at 50-60 Sylvan on a short-term basis. Edward Maher, Robert Griffin, Matthew Pullen and Samantha Hallowell of NKF represented the seller, a joint venture between affiliates of Marcus Partners and The Davis Cos., in the transaction. The buyer was not disclosed. William Sleeper, also of NKF, provided financial analysis support. “Reservoir Woods East offers an attractive combination of near-term cash flow and long-term development upside within greater Boston, which is arguably the country’s most attractive market,” says Maher, vice chairman of NKF. “The property presents an exceptional opportunity to benefit from the momentum of the Waltham-Lexington life sciences cluster, which has become a bona fide extension of Cambridge in recent years.” The Reservoir Woods East campus also includes a structured …

August 27, 2020

Healthcare Leasing Activity Life Sciences Massachusetts Northeast Office

Reports: Bristol Myers Squibb Signs 360,000 SF Life Sciences Lease at Cambridge Crossing

by Taylor Williams August 25, 2020

CAMBRIDGE, MASS. — Pharmaceutical giant Bristol Myers Squibb has signed a 360,000-square-foot life sciences lease at Cambridge Crossing in metro Boston, according to multiple news outlets including industry publication fiercebiotech.com and The Boston Business Journal. The former reports that Bristol Myers Squibb will occupy a building located at 250 Water St. beginning in early 2023. DivcoWest is the developer of the 2.1 million-square-foot campus, which is under construction and will also feature traditional office and retail space, as well as open green space.

August 25, 2020

Hebronville-Mill-Attleboro-Massachusetts

Loans Massachusetts Multifamily Northeast

MassHousing Provides $17.2M Loan for Acquisition, Renovation of Three Multifamily Assets in Attleboro

by Taylor Williams August 25, 2020

ATTLEBORO, MASS. — MassHousing, an independent public agency that funds affordable housing properties in Massachusetts, has provided a $17.2 million loan for the acquisition and rehabilitation of three multifamily assets in the northern Boston suburb of Attleboro. The properties include the 83-unit Hebronville Mill, the 92-unit Gardner Terrace I and the 52-unit Gardner Terrace II. Each of the communities includes units that are reserved for renters earning less than the area median income. The borrower was Preservation of Affordable Housing, a locally based nonprofit organization.

August 25, 2020

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