SUNDERLAND, MASS. — A partnership between Dallas-based Fountain Residential Partners and HC2 Capital has broken ground on a 150-unit student housing community near the University of Massachusetts Amherst. The property, which will include 38 units of affordable housing for other Sunderland residents, will offer one-, two- and three-bedroom floor plans. Amenities will include an 8,000-square-foot clubhouse with a gym, as well as outdoor gathering spaces. Stuart Roosth Architects designed the project, which is expected to be complete by summer 2020. Western Builders is serving as the general contractor.
MARLBOROUGH, TAUNTON AND FRANKLIN, MASS. — CBRE has arranged the $43.3 million sale of three industrial properties located throughout the Boston metro area. CBRE represented seller Calare Properties in the disposition of 417 South St., a 145,600-square-foot building in Marlborough that was 87 percent leased at the time of sale, for $14.2 million. CBRE also represented the seller, GFI Partners, in the sale of the 139,500-square-foot asset located at 385 Myles Standish Blvd. in Taunton and the 242,252-square-foot property located at 431 Washington St. in Franklin. The buyer in all three deals was San Francisco-based Berkeley Partners.
SUNDERLAND, MASS. — A joint venture between two Dallas-based firms, Fountain Residential Partners and HC2 Capital, is underway on North 116 Flats, a 150-unit multifamily project in the central Massachusetts city of Sunderland. Situated on 18 acres, North 116 Flats will feature 38 units that will be rented to households earning 80 percent or less of area median income. Floor plans include one-, two- and three-bedroom units, stone countertops, faux hardwood floors and individual washers and dryers. Select units will be offered for lease as fully furnished with 50-inch TVs. Amenities will include an 8,000-square-foot clubhouse with a fitness center, dog parks, outdoor grilling stations and sports courts. Stuart Roosth Architects is designing the project, and Granby, Massachusetts-based Western Builders is serving as general contractor. Construction is scheduled to be complete by summer 2020.
WALPOLE, MASS. — Washington Trust Bank has provided a $30 million loan for the refinancing of New Pond Village, a seniors housing community in the southern Boston suburb of Walpole. Situated on 19.4 acres, the property includes 167 independent living units and 17 assisted living units. The borrower was Benchmark Senior Living, which recently completed an $8 million renovation program at the property that included the addition of memory care services.
WORCESTER, MASS. — CBRE has negotiated the sale of Quinn 35, a 250-unit multifamily community in Shrewsbury, an eastern suburb of Worcester. The Class A property is located near the Worcester MBTA (Massachusetts Bay Transportation Authority) Commuter Rail Station and was built between late 2017 and early 2018. Floor plans consist of one-, two- and three-bedroom units averaging 932 square feet. Amenities include a pool, fitness center, outdoor grilling stations and a 6,000-square-foot community room. Simon Butler and Biria St. John of CBRE represented the seller, Residences at Lakeway Commons Associates LLP, a joint venture between Criterion Development Partners and an international investment advisor, in the transaction. The duo also procured the buyer, an affiliate of New York City-based Bluerock Real Estate LLC. The sales price was not disclosed.
BOSTON — HFF has arranged a $111.5 million loan for the refinancing of 80 Guest Street, a 245,720-square-foot office building located in the Allston/Brighton neighborhood of Boston. Designed by Elkus Manfredi, the property was the second building to be completed in the Boston Landing mixed-use development, which houses 1.9 million square feet of retail, office, residential and hotel space, including the world headquarters of New Balance. The property, which also features lab space and a 55,000-square-foot ice rink complex, is fully leased to four office tenants, including the Boston Bruins, as well as three ground-floor restaurant tenants. John Fowler, Riaz Cassum, Sam Campbell and Henry Schaffer of HFF arranged the fixed-rate loan through MetLife on behalf of the borrower, NB Development Group.
WARD HILL, MASS. — Cedar’s Foods, a supplier of Mediterranean foods, will soon open a $100 million, 125,000-square-foot production facility in Ward Hill, located near the New Hampshire border. The facility has been under construction for the past year and is scheduled to open in August in a move that will bring 125 new jobs to the area. Cedar’s also operates two other production facilities in the area totaling 174,000 square feet, as well as a 75,000-square-foot dry storage facility. With the completion of this project, the company’s regional footprint will total roughly 375,000 square feet.
QUINCY, MASS. — WinnCompanies and NeighborWorks Housing Solutions have completed construction of The Watson, a 140-unit affordable housing project in the southern Boston suburb of Quincy. Project costs were approximately $44 million. The Watson features 86 apartments available to residents earning 110 percent or less than the area median income (AMI). Twenty eight residences will be rented to households earning 50 percent or less of AMI, and 26 units are reserved for market-rate housing. The Watson was developed at the site of a former shipyard and is close to being fully preleased.
FRAMINGHAM, MASS. — CBRE has brokered the $20.4 million sale of a 153,000-square-foot office and laboratory property located within Framingham Technology Park on the western outskirts of Boston. Zell Partnership represented the seller, biotech firm Sanofi Genzyme, which will continue to operate out of the property until it takes occupancy of a new build-to-suit space at Cambridge Crossing. That property is under construction, and Sanofi Genzyme expects to move in by late 2021 or early 2022. Steve Purpura, Chris Skeffington and Roy Sandeman of CBRE represented the buyer, King Street Properties, which plans to redevelop the property into a multi-tenanted R&D lab facility after Sanofi moves out.
WALTHAM, MASS. — ElevateBio, a biotech firm that specializes in gene therapy and development, will open a 108,000-square-foot office and lab space in Waltham, a western suburb of Boston. The facility will be located at 200 Smith Street in a former U.S. Post Office facility that was recently transformed into a 430,000-square-foot life sciences building. Anchor Line Partners LLC and Northwood Investors led the redevelopment project. ElevateBio’s new facility is expected to open in May 2020.