Massachusetts

Callahan Completes 225-Unit Seniors Housing Community Near Cape Cod

by Alex Patton October 4, 2019

BARNSTABLE, MASS. — Callahan Construction Managers has completed construction of The Everleigh Cape Cod, a 225-unit independent seniors housing community in Barnstable. The property comprises a four-story, 338,695-square-foot building with one- and two-bedroom units for residents aged 55 and up. The development features more than 17,000 square feet of recreational space, including a pool, dog park, pickleball and bocce courts, theater and a fitness center. The Architectural Team designed the property, and Greystar owns and manages it.

October 4, 2019

Acquisitions Massachusetts Multifamily Northeast

Capstone Brokers $28.8M Sale of Multifamily Property in Worcester, Massachusetts

by Alex Patton October 2, 2019

WORCESTER, MASS. — Capstone Apartment Partners (CAP) has brokered the $28.8 million sale of SkyMark Tower, a 206-unit apartment building in Worcester, located approximately 40 miles west of Boston. Completed in 1991, the property features one- and two-bedroom apartments and was 98 percent leased at the time of sale. Stasiu Geleszinski, Austin Green and A.J. Klenk of CAP represented the seller, VTT Management, in the transaction. The CAP team also represented the buyer, Benedict Canyon Equities.

October 2, 2019

Loans Massachusetts Northeast Office

EagleBridge Secures $5.2M Acquisition Loan for Office Building in Marlborough, Massachusetts

by Alex Patton October 2, 2019

MARLBOROUGH, MASS. — EagleBridge Capital has secured a $5.2 million acquisition loan for 33 Locke Drive, a 61,177-square-foot office building in Marlborough, located approximately 25 miles west of Boston. A regional financial institution provided the loan for an undisclosed borrower to purchase the two-story office building. At the time of the loan closing, the property was 95 percent occupied by tenants including Astellas Institute for Regenerative Medicine and Communication Technology Services. Ted Sidel of EagleBridge secured the loan.

October 2, 2019

Development Massachusetts Mixed-Use Northeast

Callahan Breaks Ground on 410,000 SF Mixed-Use Development in Amesbury, Massachusetts

by Alex Patton October 1, 2019

AMESBURY, MASS. — Callahan Construction Managers has broken ground on Maples Crossing, a 410,000-square-foot mixed-use development in Amesbury, located approximately 40 miles north of Boston. Developed by Global Property Development Corp., the 70-acre entertainment and lifestyle center will be anchored by six ice hockey rinks. The Daily News of Newburyport reports that the development costs $70 million and will also include an office building, restaurant and hotel. Andrus Architecture is designing the project, which is slated for completion by the end of 2020.

October 1, 2019

Development Hospitality Massachusetts Northeast

Choice Opens 159-Room Cambria Hotel in South Boston

by Alex Patton October 1, 2019

BOSTON — Choice Hotels International Inc. has opened Cambria Hotel Boston, Downtown-South Boston, a 159-room hotel in the South Boston or “Southie” neighborhood. The hotel features a food and beverage service called Six \ West that serves breakfast, lunch and dinner in a ground-floor restaurant and extends service to a rooftop 4,000-square-foot rooftop lounge. Other amenities include a 2,400-square-foot gym, business meeting space and close access to mass transit lines. City Point Capital is developing the hotel, and Meyer Jabara will manage the property.

October 1, 2019

Acquisitions Hospitality Massachusetts Northeast Student Housing

Suffolk University Buys 114-Room Ames Boston Hotel

by Alex Patton September 26, 2019

BOSTON — Suffolk University has purchased the 114-room Ames Boston Hotel, located in Financial District of the city, for $63 million. The historic property, located at 1 Court St., was originally built in 1893 and redeveloped in 2009. The university will rebrand the building as a student housing facility called the One Court Street Residence Hall, which will ultimately house approximately 280 students. The building will undergo minor renovations, which are slated for completion in fall 2020. Ted Wheatley and Robert Webster of JLL represented Suffolk University in the transaction. Denny Meikleham, Alan Suzuki and Matthew Enright of JLL represented the seller, Invesco Real Estate.

September 26, 2019

Acquisitions Massachusetts Multifamily Northeast

NPCG Brokers $1.3M Sale of Multifamily Property in Lowell, Massachusetts

by Alex Patton September 24, 2019

LOWELL, MASS. — Northeast Private Client Group (NPCG) has brokered the $1.3 million sale of Salem Street Apartments in Lowell, located approximately 25 miles northwest of Boston. The building is located near the UMass Lowell campus and offers six units of one- and two-bedroom apartments. Drew Kirkland and Francis Saenz of NPCG represented the seller, XYZ Atlantic Property LLC, in the transaction. The team also procured the buyer, Bird and Fish Realty LLC.

September 24, 2019

Loans Massachusetts Multifamily Northeast

CBRE Arranges $20.5M Construction Loan for Multifamily Property Near Boston

by Alex Patton September 23, 2019

REVERE, MASS. — CBRE has arranged a $20.5 million construction loan for a multifamily property in Revere, a northern suburb of Boston. Located at 90 Ocean Ave., the six-story property will offer 75 apartment units, including studio, one- and two-bedroom floor plans. The building will also include a fitness center and rooftop lounge. John Kelly of CBRE arranged the financing on behalf of the borrower, Helge Capital Inc.

September 23, 2019

Industrial Loans Massachusetts Northeast

JLL Arranges $12.6M Refinancing Loan for Industrial Property in Tewksbury, Massachusetts

by Alex Patton September 20, 2019

TEWKSBURY, MASS. — JLL has arranged a $12.6 million loan for the refinancing of 554 Clark Road, a 102,200-square-foot industrial building in Tewksbury, a northern suburb of Boston. UniBank provided the fixed-rate loan, exact terms of which were undisclosed. The single-story facility was recently leased to Mycronic, a Swedish electronics assembly, display and packaging manufacturer. Brett Paulsrud and Amy Lousararian of JLL arranged the financing on behalf of the borrower, Oliver Street Capital.

September 20, 2019

Development Massachusetts Northeast Retail Top Stories

PREP Property Group to Redevelop Mall into Mixed-Use Property in Metro Boston for $250M

by Alex Tostado September 19, 2019

HANOVER, MASS. — PREP Property Group has unveiled plans to redevelop Hanover Mall in Hanover, approximately 22 miles southeast of downtown Boston. The project costs are estimated at $250 million. PREP will rebrand the mall as Hanover Crossing, an open-air, mixed-use project that will feature 297 multifamily units and will be anchored by an 80,000-square-foot Market Basket Supermarket. Market Basket will feature Market’s Kitchen and Café, a prepared foods department offering a variety of freshly made meals, sandwiches, salads, subs, brick oven pizza and Niji sushi. The location will also provide café seating, complimentary Wi-Fi and large screen TVs. Market Basket expects to hire about 400 employees for the new store. “We’ve seen tremendous potential in this landmark property since day one and believe the transformation to mixed-use provides unlimited potential,” says Lloyd Sova, PREP vice president of development. “Hanover Crossing will be an exciting location combining an open-air retail experience that is rich in amenities with high-end apartments to provide a sought-after ‘live, work, play’ environment.” The retail component of Hanover Crossing will be 150,000 square feet smaller than the current Hanover Mall, which was built in 1971. Hanover Crossing will offer 30,000 square feet of green space. “We’ve …

September 19, 2019

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