Massachusetts

MassHousing Provides $32.7M Refinancing Loan for Seniors Housing Community Near Boston

by Taylor Williams August 19, 2020

STONEHAM, MASS. — MassHousing, an independent public agency that funds affordable housing properties in Massachusetts, has provided $32.7 million for the refinancing of Mountain View Terrace, a 194-unit seniors housing community in the northern Boston suburb of Stoneham. Built in 1981, the property consists of 128 one-bedroom apartments, 50 two-bedroom units, 10 three-bedroom residences and six four-bedroom apartments. The borrower was an affiliate of Atlantic Tambone Management LLC. The financing enables the property owner to extend affordability status for an additional 31 years.

August 19, 2020

Development Massachusetts Multifamily Northeast

Civico Development Completes 60-Unit Residential Community in Metro Boston

by Taylor Williams August 17, 2020

LINCOLN, MASS. — Civico Development has completed Oriole Landing, a 60-unit residential community in the western Boston suburb of Lincoln. Fifteen of the units are reserved for renters earning 80 percent or less of the area median income. The project involved the restoration of a historic farmhouse that serves as an amenity building for the complex. Bald Hill Builders served as the general contractor for the project. Madison Management is handling leasing.

August 17, 2020

Development Massachusetts Multifamily Northeast

Nauset Construction Breaks Ground on 49-Unit Multifamily Project in East Boston

by Taylor Williams August 13, 2020

BOSTON — Nauset Construction has broken ground on ēbo Condominiums, a 49-unit multifamily project in East Boston that will also include 3,630 square feet of ground-floor retail space. Designed by Bargmann Hendrie + Archetype Inc., the property is located at 205 Maverick St. near the MBTA Blue Line Maverick station. Floor plans will consist of 12 studio, 17 one-bedroom and 20 two-bedroom units, seven of which will be designated as affordable. Completion is scheduled for fall 2021.

August 13, 2020

Acquisitions Healthcare Massachusetts Northeast

Spinnaker Brokers $5.4M Sale of Medical Office Building in Worcester, Massachusetts

by Taylor Williams August 13, 2020

WORCESTER, MASS. — Spinnaker Healthcare Advisors, a Rhode Island-based division of RE/MAX Commercial, has brokered the $5.4 million sale of Eastern Medical Center. The 23,000-square-foot medical office building is located in the Central Massachusetts city of Worcester. The property was built in 2006 and was fully leased at the time of sale. Andy Kushner and Mike Milano of Spinnaker represented the undisclosed seller and procured the buyer, Sood Realty Trust, in the transaction.

August 13, 2020

Development Healthcare Massachusetts Northeast Office

Galaxy, WBDC Acquire Land for $50M Biomanufacturing Facility in Worcester, Massachusetts

by Taylor Williams August 11, 2020

WORCESTER, MASS. — Massachusetts-based Galaxy Life Sciences, in partnership with the Worcester Business Development Corp. (WBDC), has acquired land for the development of a $50 million biomanufacturing facility in the Central Massachusetts city of Worcester. The facility will be situated on six acres within The Reactory, a 46-acre life sciences campus that is a redevelopment of a site formerly occupied by Worcester State Hospital. Infrastructure work on the site is expected to begin this fall. Kelleher & Sadowsky represented the development team in its acquisition of the land.

August 11, 2020

Acquisitions Massachusetts Multifamily Northeast

Bell Partners Sells 240-Unit Apartment Community in Metro Boston

by Taylor Williams August 10, 2020

STOUGHTON, MASS. — An affiliate of multifamily investment and management firm Bell Partners has sold Bell Stoughton, a 240-unit apartment community in Stoughton, a southern suburb of Boston. Built in 2012, the property offers one- and two-bedroom units averaging 958 square feet and amenities such as a pool, fitness center, business center and theater room. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller in the transaction and procured the buyer, Bell Stoughton LLC.

August 10, 2020

Leasing Activity Massachusetts New Jersey Northeast Retail

Dick’s Sporting Goods to Open Three Stores in Massachusetts, New Jersey This Month

by Taylor Williams August 7, 2020

PITTSBURGH — Dick’s Sporting Goods will open three new stores in the Northeast region this month. The Pittsburgh-based retailer will debut two new stores in Massachusetts, a 45,000-square-foot location at Cape Cod Mall in Hyannis and a 48,000-square-foot location at Westgate Mall in the Boston suburb of Brockton. Simon Property Group and New England Development are the respective owners of those malls. A third, 65,000-square-foot store will open at Macerich’s Deptford Mall, located just outside Philadelphia in New Jersey.

August 7, 2020

Loans Massachusetts Multifamily Northeast

NorthMarq Arranges $5.5M Agency Loan for Refinancing of Multifamily Asset in Lowell, Massachusetts

by Taylor Williams August 7, 2020

LOWELL, MASS. — NorthMarq has arranged a $5.5 million Freddie Mac loan for the refinancing of Mill Falls Apartments, a 72-unit multifamily asset in Lowell, located north of Boston near the Massachusetts-New Hampshire border. The property features one- and two-bedroom units. Robert Ranieri of NorthMarq arranged the 10-year loan, which carried a fixed interest rate and a 30-year amortization schedule, on behalf of the undisclosed borrower.

August 7, 2020

Market Reports Massachusetts Northeast Northeast Market Reports Retail

Wanted: Essential, Durable Retailers in Boston

by Taylor Williams August 7, 2020

By Alex Patton Retail real estate investors in Boston are cautiously evaluating the risk profiles of tenants even as businesses reopen following temporary closures due to the COVID-19 pandemic. The emerging consensus is that until a vaccine is developed to safely treat the virus, the safest investments are tied to essential tenants with reliable incomes. That short list includes grocers, drugstores, home improvement businesses and liquor stores. Like the rest of the country, all nonessential retail businesses in Massachusetts were forced to close temporarily in early March, for what was originally expected to be a short period. After several weeks, the commonwealth’s government implemented a phased reopening system that allowed some retail businesses to resume operations. However, after months with significantly reduced income, a number of small retailers are declaring bankruptcy and permanently closing stores to save money. “The underlying question that permeates the retail investment industry, as an investor or a lender, is how much of the income is durable? In other words, which retailers are going to survive?” asks James Koury, senior managing director of investments at the Boston office of Institutional Property Advisors (IPA). “A vaccine would be a game-changer, but we can’t know if it will …

August 7, 2020

Development Massachusetts Mixed-Use Northeast

Callahan Construction Completes 550,000 SF Mixed-Use Redevelopment in Malden, Massachusetts

by Taylor Williams August 6, 2020

MALDEN, MASS. — Callahan Construction Managers has completed a project in the northern Boston suburb of Malden that redeveloped the former Malden Center transit station into a 550,000-square-foot mixed-use destination. Rebranded J. Malden Center, the property now connects the Malden MBTA station with 25,000 square feet of retail and restaurant space, 320 residential apartments and a civic office condominium that now serves as Malden City Hall. CBT Architects designed the project. Jefferson Apartment Group developed the multifamily component, which offers a mix of studio, one- and two-bedroom units and 30,000 square feet of indoor and outdoor amenity space.

August 6, 2020

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