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.
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 …
BROOKLINE, MASS. — Welltower has acquired the former Newbury College campus near Boston for $34 million. The 7.8-acre campus currently features eight structures totaling 142,000 square feet, which Welltower plans to redevelop into seniors housing properties. Christopher Sower, James Elcock, Tom Hynes and Bob Cronin of Colliers International represented the seller, Newbury College in the transaction.
MAYNARD, MASS. — Market Basket Supermarket will anchor the 306,000-square-foot Maynard Crossing mixed-use development currently under construction in Maynard, located approximately 23 miles west of Boston. The 70,000-square-foot store plans to hire 250 associates and will feature a full-service butcher and café with sandwiches, pizza and sushi. Capital Group Properties is developing Maynard Crossing, will include additional retail tenants and a 180-unit apartment complex called The Vue at Maynard Crossing. Maynard Crossing is slated for completion by the end of 2019. Additionally, Hawthorn Retirement Group is developing a 143-unit senior independent living community on the site called Camellia Gardens Gracious Retirement Living. General contractor JBJ Construction expects to complete this project by 2020.
CHICOPEE, MASS. — NorthMarq has arranged a $7 million Freddie Mac loan to refinance Montcalm Heights Apartments, a 192-unit multifamily property in Chicopee, located approximately 35 miles north of Hartford. The permanent fixed-rate loan was provided on a 10-year term with a 30-year amortization schedule. The property comprises two four-story buildings with studio, one- and two-bedroom apartments. Amenities include a pool, laundry facilities, picnic area and tenant storage units. Robert Ranieri of NorthMarq arranged the loan for a Freddie Mac borrower.
BOSTON — A partnership between American Campus Communities (ACC) and Northeastern University has opened LightView, an 825-bed student housing community in Boston. The 20-story development offers four-bedroom units with shared or private accommodations. Amenities include social and recreational lounges, a fitness center, 24-hour academic success center and 2,000 square feet of retail. ACC will own and operate the building. The project — designed by CUBE 3 and Elkus Manfredi Architects — was fully leased prior to opening.
CAMBRIDGE, MASS. — Nauset Construction has completed Ten Essex, a 46-unit multifamily and retail property in Cambridge. Developed by 3MJ Realty LLC, the building offers three studios, 10 one-bedroom units, 19 two-bedroom units and 14 three-bedroom units. Five of the apartments have been designated as affordable housing. Additionally, the property houses 3,000 square feet of retail space and a parking garage. Golden Architects of Quincy, Perkins Eastman and Mark Boyes-Watson Architects collaboratively designed the project.
CAMBRIDGE, MASS. — Bulfinch Cos. has negotiated three medical office leases totaling 134,816 square feet in Building 400-500 at the Cambridge Discovery Park (CDP) life sciences development in Cambridge. Arbor Biotechnologies, a genetic research firm, leased 36,171 square feet on the fifth floor. Kintai Therapeutics signed a deal for 72,296 square feet on the third and fourth floors. Simcere Innovation Inc., a medical research and development firm, has inked a lease for 26,349 square feet on the second floor. The three leases bring the building’s occupancy to 88 percent. The full CDP center offers 400,000 square feet of office and lab space across three buildings, which are still under development.
MASS. and N.H. — Novaya Real Estate Ventures has acquired a nine-property industrial portfolio totaling 700,000 square feet, in Billerica and Wilmington, Massachusetts, as well as Londonderry, New Hampshire. The properties feature 18- to 20-foot clear heights and can accommodate warehouse, manufacturing and research uses. Torin Taylor, Matt Adams, Rory Walsh, Rich Ruggiero and Ross Gaudet of Newmark Knight Frank represented Novaya in the transaction. Wakefield Investments was the seller.
BOSTON — Cornerstone Realty Capital has arranged a $8.5 million construction loan for the Residences at Hyde Park Station, a 24-unit multifamily property in Boston. The property will consist of 24 two-bedroom units, one 300-square-foot commercial space, a common area roof deck and a parking garage. The permanent financing carries a fixed interest rate, an 85 percent loan-to-cost structure, a seven-year term and a 30-year amortization schedule. The lender and construction schedule were undisclosed.
