Massachusetts

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

Acquisitions Massachusetts Northeast Office Retail

NKF Negotiates $42.4M Sale of Office, Retail Building in Boston’s Back Bay Area

by Taylor Williams August 5, 2020

BOSTON — Newmark Knight Frank (NKF) has negotiated the $42.4 million sale of 8 Newbury Street, a 17,023-square-foot office and retail building located in Boston’s Back Bay area. A Rolex flagship store occupies the ground- and second-floor retail spaces of the property, which was originally built in the 1920s. Robert Griffin, Geoffrey Millerd and Paul Penman of NKF represented the seller, a joint venture between UrbanMeritage and L&B Realty Advisors, in the transaction. The trio also procured the buyer, a partnership between Chile-based family office Corso and GLL Real Estate Partners, an international real estate fund manager based in Germany.

August 5, 2020

Loans Massachusetts Multifamily Northeast

MassHousing Provides $87.2M in Financing for Preservation of Apartment Property Near Boston

by Taylor Williams August 4, 2020

CAMBRIDGE, MASS. — MassHousing has provided $87.2 million in financing for the renovation and preservation of a 300-unit affordable housing community located at 808 Memorial Drive in Cambridge. MassHousing provided the borrower, Homeowners Rehab Inc., with a $61.5 million tax-exempt construction and permanent loan, $24.9 million in taxable and tax-exempt tax credit equity bridge financing and a $787,763 interest reduction payment (IRP) loan. The project will also use $8.9 million of income during the construction period for development costs. Renovations are expected to be complete by the end of 2022. Bruner Cott is designing the project, and NEI General Contracting is handling construction.

August 4, 2020

Company News Massachusetts Northeast Retail

Dunkin’ Reports 20 Percent Revenue Decrease in Second Quarter, Will Close 350 Stores

by Taylor Williams July 31, 2020

CANTON, MASS. — Dunkin’ Brands Group (NASDAQ: DNKN) reported a total decrease in revenue of 20 percent during the second quarter and announced that it will close about 350 stores worldwide during the second half of the year. These closures follow the company’s announcement to shutter about 450 stores that are housed in Speedway gas stations and convenience marts. Canton, Mass.-based Dunkin’, which also owns Baskin-Robbins, reported that approximately 90 percent of its international locations for both Dunkin’ and Baskin-Robbins were open as of July 25. Dunkin’s stock price opened at $68.61 per share on Friday, July 31, down from $81.58 per share a year ago.

July 31, 2020

Loans Massachusetts Multifamily Northeast

Cornerstone Arranges $6.5M Construction Loan for Multifamily Project in Hull, Massachusetts

by Taylor Williams July 29, 2020

HULL, MASS. — Cornerstone Realty Capital has arranged a $6.5 million construction loan for a 42-unit multifamily project in Hull, a town located on Nantasket Beach. The property will consist of studio and one-bedroom units, as well as 1,600 square feet of ground-floor retail space. Units will feature stainless steel appliances, granite countertops and living areas with a mix of vinyl-wood flooring and carpeting. The loan carried an 85 percent loan-to-value ratio, 24 months of interest-only payments and a 30-year amortization schedule. A contingent of community bankers provided the financing. The borrower was not disclosed.

July 29, 2020

Healthcare Leasing Activity Life Sciences Massachusetts Northeast

Gene Editing Firm Signs 263,500 SF Life Sciences Lease in Boston’s Seaport District

by Taylor Williams July 28, 2020

BOSTON — Gene editing firm CRISPR Therapeutics has signed a 263,500-square-foot life sciences lease at The 105, a new development in Boston’s Seaport District by Breakthrough Properties. Construction of The 105 began earlier this year and is expected to be complete in early 2022. Cushman & Wakefield represented the tenant in the lease negotiations. Newmark Knight Frank represented Breakthrough Properties, which was launched in 2019 by New York City-based Tishman Speyer and biotech investment firm Bellco Capital. Gene editing refers to technologies that give scientists the ability to change an organism’s DNA.

July 28, 2020

Affordable Housing Development Massachusetts Multifamily Northeast

Vitus Underway on 82-Unit Affordable Housing Redevelopment in Boston

by Taylor Williams July 28, 2020

BOSTON — Vitus, a national owner and builder of affordable housing, is underway on the redevelopment of Fort Hill Gardens and Esperanza Trust, two communities totaling 82 units in Boston’s Roxbury neighborhood. Vitus expects to invest about $100,000 per unit, with construction expected to be complete this winter. The kitchens, bathrooms and living rooms will all be upgraded with fresh paint and new doors and windows. Both properties will also receive exterior improvements such as new roofing and curb and walkway upgrades.

July 28, 2020

Loans Massachusetts Multifamily Northeast

MassHousing Provides $30.3M in Loans for Refinancing, Renovation of Boston Apartments

by Taylor Williams July 23, 2020

BOSTON — MassHousing, an independent public agency that funds affordable housing projects in Massachusetts, has provided a $30.3 million in loans for the refinancing, renovation and preservation of affordability of Newcastle Saranac in Boston’s South End neighborhood. The borrower, a partnership between Fenway Community Development Corp. and Schochet Cos., acquired the property in 2018 when its 97 affordable housing units were at risk of being converted to market-rate residences. The financing package consists of a $17.6 million tax-exempt construction and permanent loan, a $10.5 million tax credit equity bridge loan and $2.25 million in Section 13A preservation financing. The latter piece of the capital stack preserves the affordability of units, 38 of which are reserved for renters earning 30 percent or less of the area median income (AMI); 31 of which are for households earning 60 percent or less of AMI; 13 of which are restricted for tenants earning 90 percent or less of AMI; and 15 of which are earmarked for renters earning 100 percent or less of AMI.

July 23, 2020

Acquisitions Data Centers Industrial Massachusetts Northeast

Rhino Capital Buys 200,000 SF Data Center in Southern Massachusetts

by Taylor Williams July 23, 2020

FALL RIVER, MASS. — Boston-based investment firm Rhino Capital Advisors has purchased a 200,000-square-foot data center located in the southern Massachusetts city of Fall River. Rhino Capital is acquiring the center in a sale-leaseback deal in which the seller has committed to a new 10-year lease at the newly built property. Brett Paulsrud and Madeline Joyce of JLL arranged a $10.3 million acquisition loan through Cambridge Savings Bank on behalf of the new ownership.

July 23, 2020

Newer Posts

Older Posts