CAMBRIDGE, MASS. — Locally based developer Cabot, Cabot & Forbes has acquired a 66,964-square-foot industrial flex property located at 67 Smith Place in Cambridge for $49.6 million. The site is adjacent to The Quad, the firm’s master-planned development that includes 485 multifamily units, 60,000 square feet of retail space and 575,000 square feet of lab space. Cabot, Cabot & Forbes raised $21 million on CrowdStreet to help fund the acquisition and will implement a capital improvement program.
NEWTON, MASS. — Service Properties Trust (NASDAQ: SVC), a hospitality management firm based in metro Boston, has terminated its management agreements with Marriott International (NYSE: MAR) for 122 hotels. Pursuant to its agreement with Marriott, Service Properties Trust is selling 24 of the 122 Marriott-branded hotels, including eight TownePlace Suites hotels totaling 834 rooms; 13 Courtyard by Marriott hotels totaling 1,813 rooms; and three Residence Inn hotels totaling 342 rooms. The eight TownePlace hotels are scattered across four states and will be sold for $45.3 million, and the 16 Courtyard and Residence Inn hotels feature locations across nine states and will be sold for $107.8 million. The majority (89) of the other hotels will be transferred to Sonesta on January 31, 2021 and operated under Sonesta’s various brands moving forward.
BOSTON — Rockport Mortgage Corp. has arranged an $81.8 million loan for the refinancing of South Cove Plaza, a 231-unit seniors housing community in Boston. South Cove Plaza consists of a 142-unit building on Stuart Street and an 89-unit building on Tremont Street in the city’s Back Bay area. The buildings feature 193 one-bedroom units and 38 two-bedroom units, as well as a combined 10,200 square feet of ground-floor commercial space. The borrower, Weston Associates, will use some of the proceeds to renovate unit interiors, mechanical systems and amenity spaces.
QUINCY, MASS. — ORIX Real Estate Capital has provided a $19.9 million FHA-insured loan for the refinancing of Fenno House, a 152-unit affordable housing community located in the southern Boston suburb of Quincy. The property was built in 1973. Hampden Park Capital arranged the loan on behalf of the borrower, Wollaston Lutheran Housing Corp., which will use a portion of the funds to rehabilitate and preserve the affordability of the property. Curtis Construction Co. is the general contractor for the renovation project.
DRACUT, MASS. — GreenStar Herbals has opened a 13,000-square-foot cannabis dispensary for recreational use in Dracut, located north of Boston near the Massachusetts-New Hampshire border. The store is GreenStar’s third and offers a variety of flower, edible, tincture and salve products. Vantage Builders Inc., a metro Boston-based design-build and construction management firm, handled the build-out of the space, which also includes a consultation area and a break room and locker area for employees.
BOSTON — An affiliate of The Bulfinch Companies has purchased a 7,200-square-foot retail building in Boston’s Harvard Square neighborhood with plans to reposition the asset as a medical office or life sciences property complete with a rooftop deck. The building has two stories above grade and one below, with floor–to–ceiling windows on the street providing high visibility and ample daylighting. Kellie Coveney and Michael Restivo of JLL represented the seller, a private entity advised by Ella Properties LLC, in the transaction.This acquisition further strengthens Bulfinch’s portfolio in the Cambridge market. Earlier this year, Bulfinch completed a 280,000-square-foot lab building at Cambridge Discovery Park in the Alewife life sciences cluster. Bulfinch is also the manager of Osborn Triangle, a three-property life sciences and biotech development in Cambridge’s Kendall Square neighborhood,
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.
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.
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.
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.
