Massachusetts

Trinity Financial Receives $35.8M Loan for Multifamily Redevelopment Project in Worcester

by Taylor Williams May 29, 2019

WORCESTER, MASS. — Trinity Financial, a developer with offices in Boston and Manhattan, has received a $35.8 million loan for a redevelopment project in Worcester that will convert a former courthouse into a 117-unit multifamily building. Roughly 35 percent of the new units will be designated as workforce housing residences, while basic floor plans will consist of 23 studio apartments, 52 one-bedroom apartments, 31 two-bedroom apartments and 11 three-bedroom apartments. Amenities will include a fitness center, resident lounge and personal storage space. MassHousing provided the financing, which consists of a $12.2 million, tax-exempt permanent loan, a $19.1 million bridge loan and $4.5 million in funding from the agency’s Workforce Housing Initiative. An affiliate of Trinity will manage the project, with Tocci Building Corp. serving as general contractor and Bohler serving as the civil engineer. The courthouse was originally built in 1845.

May 29, 2019

Industrial Leasing Activity Massachusetts Northeast

Raytheon Signs 134,000 SF Industrial Lease in Tewksbury, Massachusetts

by Taylor Williams May 29, 2019

TEWKSBURY, MASS. — Defense contractor Raytheon has signed a 134,000-square-foot industrial lease at Center at Innovation Drive, a 706,000-square-foot facility located in the northern Boston suburb of Tewksbury. The lease term is seven years. Rubenstein Partners owns the property, which consists of four conjoined buildings and was recently renovated to deliver a new façade, entrances and common areas. Rubenstein’s renovation project also delivered a tenant amenity center complete with an amphitheater, fitness center, café and collaboration spaces. The property also enjoys proximity to I-495 and I-93.

May 29, 2019

Development Massachusetts Multifamily Northeast Student Housing

Simmons University to Develop 1,100-Bed Student Housing Community in Boston

by Taylor Williams May 28, 2019

BOSTON — Simmons University has filed a 10-year plan with the city of Boston that outlines a series of campus upgrades, including the development of a 21-story, 1,100-bed residence hall on Avenue Louis Pasteur, according to reports by The Boston Globe. The newspaper notes that the school has been negotiating for at least a year with developers on a multi-phase plan that would include leasing its residential campus and funneling proceeds into the development of the new residential tower. The residence hall is still in the concept phase, according to the university, but plans are in motion to soon begin renovations to its main building and Lefavour Hall.

May 28, 2019

Industrial Leasing Activity Massachusetts Northeast

Stubblebine Negotiates 78,000 SF Industrial Lease in Whitinsville, Massachusetts

by Taylor Williams May 23, 2019

WHITINSVILLE, MASS. — The Stubblebine Co., a CORFAC member and brokerage firm based in the Boston area, has negotiated a 78,000-square-foot industrial lease at 355 Main St. in Whitinsville, located south of Worcester. The lease represents an expansion of the current footprint of the tenant, Core-Mark, a Fortune 400 distributor and marketer of consumer goods. David Stubblebine and James Stubblebine of The Stubblebine Co. represented the landlord, WRT Management, in the lease negotiations. The 355,000-square-foot building is situated on 26 acres and features an ESFR sprinkler system and T-5 lighting.

May 23, 2019

Acquisitions Massachusetts Northeast Retail

HFF Negotiates Sale of 291,860 SF Retail Center Near Downtown Boston

by Taylor Williams May 22, 2019

BOSTON — HFF has negotiated the sale of Meadow Glen, a 291,860-square-foot retail center located near downtown Boston. A Wegmans grocery store anchors the property, which was redeveloped in 2017 and now houses other tenants such as Dick’s Sporting Goods, Marshalls and Petco. Coleman Benedict, Riaz Cassum, Jim Koury and Ben Sayles of HFF marketed the property on behalf of the seller, a private partnership. The team also procured the buyer, global investment manager DWS Group. The sales price was not disclosed. Meadow Glen, which was fully leased at the time of sale, is one of only six retail centers in Boston that is anchored by a Wegmans.

May 22, 2019

Acquisitions Healthcare Life Sciences Massachusetts Northeast Office

Harrison Street Acquires 676,917 SF Life Sciences Property Near MIT

by Taylor Williams May 21, 2019

CAMBRIDGE, MASS. — Chicago-based investment management firm Harrison Street has acquired Osborn Triangle, a 676,917-square-foot life sciences property situated adjacent to the Massachusetts Institute of Technology (MIT) campus in Cambridge. The complex encompasses three buildings, all of which were either recently built or renovated. The sale included a 650-space parking garage. Harrison Street partnered with Bulfinch Cos., a subsidiary of MIT that retains a partial interest in the property, for the acquisition. Osborn Triangle was fully leased at the time of sale to seven tenants, including anchors Pfizer, Novartis International AG and LabCentral, an incubator for life science and biotech startups. MIT will retain long-term ownership of the land. The sales price was not disclosed.

May 21, 2019

Loans Massachusetts Multifamily Property Type

American Street Capital Arranges $30.4M Refinancing for Apartment Building in Boston

by Taylor Williams May 21, 2019

BOSTON — American Street Capital (ASC), a Chicago-based intermediary specializing in balance sheet and CMBS deals, has arranged a $30.4 million loan for the refinancing of Barclay on Beacon, a 111-unit apartment building located in the Brookline neighborhood of Boston. Built in 1965, the property offers one- and two-bedroom units averaging 1,014 square feet. Amenities include a 92-space underground parking garage, rooftop pool with pavilion, onsite laundry facilities and tenant lounge. Igor Zhizhin and Alexander Rek of ASC placed the nonrecourse loan with an agency lender on behalf of an undisclosed borrower. The loan, which was secured to transition the property out of floating-rate debt accrued in 2016, features a fixed interest rate for the 15-year term with an initial eight years of interest-only payments on a 30-year amortization schedule.

May 21, 2019

Leasing Activity Massachusetts Northeast Office

Regenerative Medicine Firm Leases 43,850 SF of Life Science Space Near Boston

by Taylor Williams May 20, 2019

NORWOOD, MASS. — Organogenesis, which provides regenerative medicine for the surgical and sports medicine fields, has leased 43,850 square feet of lab and manufacturing space at 333 Providence Highway in the Boston suburb of Norwood. The single-story building consists of 86,450 square feet of office, lab and flex space. Rob Byrne, Paul Leone, Ryan Romano, George O’Connor and Philip Verre of Cushman & Wakefield represented the landlord, The Davis Companies, in the lease negotiations. Landmark Real Estate Advisors represented the tenant.

May 20, 2019

Andrew-Street-Apartments-Lynn-Massachusetts

Loans Massachusetts Multifamily Northeast

NorthMarq Arranges $3.7M Construction Loan for Metro Boston Apartment Project

by Taylor Williams May 15, 2019

LYNN, MASS. — NorthMarq Capital has arranged a $3.7 million construction loan for Andrew Street Apartments, a 32-unit project that will be located in the northern Boston suburb of Lynn. The financing was structured with a 25-year term, a 25-year amortization schedule and interest-only payments throughout the construction period, the duration of which was not released. A local bank provided the loan to the undisclosed borrower.

May 15, 2019

Village-at-Cedar-Heights-Mansfield-Massachusetts

Acquisitions Massachusetts Multifamily Northeast

Colliers Brokers $15M Sale of Apartment Community in Mansfield, Massachusetts

by Taylor Williams May 14, 2019

MANSFIELD, MASS. — Colliers International has brokered the $15 million sale of Village at Cedar Heights, a 66-unit apartment community in Mansfield, located south of Boston. Bruce Lusa, Jonathan Bryant, John Flaherty and Maggie Collins of Colliers represented the seller and developer, Turner Brothers, in the transaction. The buyer, Manhattan-based Corigin Real Estate Group, will implement a value-add program.

May 14, 2019

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