BOSTON AND CHICAGO — Investcorp, a global private equity firm based in Bahrain, has sold a 1.8 million-square-foot portfolio of industrial buildings located in the Boston and Chicago areas for $200 million. The Boston component of the portfolio includes a warehouse, distribution center and flex building totaling roughly 1.1 million square feet. The Chicago component features three cold storage properties totaling approximately 700,000 square feet. Investcorp initially acquired the portfolio, which was 98 percent leased at the time of sale, in 2017. The buyer was not disclosed.
SPRINGFIELD, MASS. — CBRE has arranged the sale of Pynchon Terrace and Edgewater Apartments, a pair of multifamily assets in Springfield, Massachusetts, for $76 million. Pynchon Terrace was built in 1971, renovated in 2006 and totals 250 units in three- and four-bedroom floor plans. Edgewater Apartments was constructed in the mid-1970s, renovated in 2006 and features 362 units that comprise a mix of one- and two-bedroom apartments and three- and four-bedroom townhomes. Simon Butler, Biria St. John, John McLaughlin, Jeff Kunitz and Mike Canori of CBRE represented the seller, Silver Street Development Corp., in the transaction. The team also procured the buyer, Los Angeles-based investment firm BLVD Capital.
MATTAPAN, MASS. — MassHousing, an independent public agency that funds affordable housing projects in Massachusetts, has provided $22.6 million in financing for the construction of Cote Village. The affordable housing project is located in Mattapan on the southern outskirts of Boston. The project involves the redevelopment of a vacant structure into a 76-unit mixed-income residential building with one-, two- and three-bedroom units. The borrower and developer is a partnership between the Planning Office for Urban Affairs and Caribbean Integration Community Development. Bilt-Rite Construction is the general contractor, and Davis Square Architects is designing the project. A construction timeline was not released.
BOSTON — Los Angeles-based CIM Group, in partnership with local developer Nordblom Co., has topped out 321 Harrison, a 235,000-square-foot office building located in Boston’s South End neighborhood. The eight-story building is being constructed above a three-story parking garage that also serves the development team’s neighboring 11-story building at 1000 Washington St. The two office buildings will share amenities such as a fitness center, café, bike storage space and lounge areas. Construction of the new building is expected to be complete by the end of the year.
HINGHAM, MASS. — General contractor Callahan Construction Managers has completed The Cove, a 220-unit apartment project in Hingham, a southern suburb of Boston. Units feature kitchen islands with breakfast bars, walk-in closets, stainless steel appliances and tile backsplashes, as well as balconies and gas fireplaces in select units. Communal amenities include a media lounge, a clubroom with beer and wine taps, rooftop lounge with a bar and fireplace, fitness center with a yoga studio, two conference rooms, a pool and outdoor grilling areas. Alliance Residential Co. developed the project, and Cube 3 Architects designed it.
BOSTON — MassHousing, the independent public agency that funds affordable housing projects in Massachusetts, has provided $45 million in financing for the renovation and preservation of the 198-unit Daniel F. Burns Apartments in Boston. The borrower, an affiliate of Cambridge Housing Authority, will use the proceeds to modernize building systems, repair roofs, replace kitchens and bathrooms and renovate both indoor and outdoor common areas. The property is located at 30-50 Churchill Ave. in the Cambridge area and has been designated for Section 8 Housing Assistance by the federal government. As part of the deal, that designation will be extended for another 20 years. A portion of the units will be reserved for and compliant with the needs of senior citizens and renters with disabilities.
BOSTON — Cornerstone Realty Capital has arranged a $17 million loan for the refinancing of a 20-unit apartment building in the Harvard Square area of Boston. The property was built in 2012 and includes 6,280 square feet of ground-floor retail space across three units. Residential features include stainless steel appliances, dark wood cabinets and quartz countertops. Amenities include a fitness center, package delivery room and an underground parking garage. The borrower was not disclosed.
BOSTON — BioMed Realty, an owner-operator of life sciences real estate, has entered into a partnership with Cresset Development and Boston-based Novaya Real Estate Ventures to acquire the XMBLY Campus at Assembly Square in the Somerville area of Boston. The campus spans 162,000 square feet of office and life sciences space and includes 7.5 acres for additional expansion. The new ownership plans to add lab, research and development and traditional office space. A timeline for construction has not yet been established.
BOSTON — A partnership of Boston-based developer Cabot, Cabot & Forbes (CCF) and Georgia-based developer Peak Campus have completed The Overlook at St. Gabriel’s, a 555-unit multifamily community in the Brighton area of Boston. The luxury residential community is centered around the reimagined Church and St. Gabriel’s Monastery, which was originally built in 1909. The community consists of three residential buildings, more than 45,000 square feet of indoor and outdoor amenity space and seven acres of green space. The restored St. Gabriel’s church, now called Maker Hall, will be complete later this summer and will feature a fitness center, café, conference rooms and outdoor recreation space. Two residential buildings, Overlook Landmark and Overlook East, are complete. Construction is underway on The Overlook’s two additional apartment buildings, Overlook North and West, with Overlook North set to be delivered this fall and Overlook West set to be delivered early next year. This phase of the project will also include two pet spas, a pool and sundeck. Blue Vista Capital Management is a capital partner on the project. BH+A is the architect, and CUBE3 is the general contractor.
BOSTON — Indoor dining services at restaurants and personal service businesses, including nail salons and massage therapy parlors, have been cleared to reopen as of June 22, according to a statement from Massachusetts Gov. Charlie Baker. Businesses in Massachusetts have gradually reopened over the last few weeks as the COVID-19 pandemic has slowed across the state. Restaurants were permitted to resume outdoor dining services on June 8, provided that tables both inside and outside were spaced at least six feet apart and customers wore masks when not seated at their table. Party sizes are limited to six guests and bar seating is not allowed. Other businesses permitted to reopen include retail fitting rooms, tanning salons, skin care services, tattoo parlors and personal training facilities. In addition, offices can expand from 25 percent to 50 percent capacity but are still encouraged to allow employees to work from home if possible. As of June 21, the Centers for Disease Control and Prevention reported more than 106,900 cases of COVID-19 in Massachusetts, and more than 7,800 deaths.