Massachusetts

MassHousing Provides $22.8M Development Financing for Multifamily Property Near Boston

by Alex Patton July 12, 2019

CAMBRIDGE, MASS. — MassHousing, an affordable housing lender in Massachusetts, has provided $22.8M in loans for the development of a multifamily property in Cambridge, part of the metro Boston area. The borrower, Cambridge-based nonprofit developer Just-A-Start Corp., will combine the 45-unit Linwood Court community and the 20-unit Squirrel Brand community to create a new affordable housing property called Squirrelwood. The financing consists of an $8.2 million permanent loan, $13.6 million bridge loan and $1 million loan from MassHousing’s Workforce Housing Initiative. The developer will also renovate existing apartments and construct 23 new units to bring the total unit count up to 88. The contractor will be Callahan Construction Managers, and the architect is Davis Square Architects.

July 12, 2019

Hospitality Massachusetts Northeast

Knighthead Provides $37.7M Loan for Hotel Conversion Project Near Boston

by Alex Patton July 11, 2019

CAMBRIDGE, MASS. — Knighthead Funding LLC, a Connecticut-based private lender, has provided a $37.7 million construction loan for the completion of a hotel conversion project in Cambridge, located across the Charles River from Boston. The project involves the conversion of a four-story multifamily building into a 67-room hotel that will house ground-floor retail space and features a rooftop lounge. Hay Creek will manage the new hotel, which is slated to open in the first quarter of 2020. Knighthead provided the 24-month loan to a local partnership operating as Sean Casey LLC.

July 11, 2019

Hospitality Massachusetts Northeast

Related Beal Opens 65-Room Whitney Hotel in Boston’s Beacon Hill Area

by Alex Patton July 11, 2019

BOSTON — Locally based developer Related Beal has opened a 65-room Whitney hotel located at the corner of Charles and Cambridge streets in Boston’s Beacon Hill neighborhood. The luxury boutique hotel also houses four premium suites and is attached to a new Mediterranean-style restaurant called Peregrine. Other amenities include a fitness studio, outdoor courtyard and rentable sailboats and bikes. Boston-based Hacin + Associates was the project architect, and Harrisburg, Pa.-based Hersha Hospitality Management will operate the property.

July 11, 2019

Acquisitions Hospitality Massachusetts Northeast

Marcus & Millichap Arranges $5.8M Sale of Comfort Inn Hotel in Massachusetts

by Alex Patton July 10, 2019

PLYMOUTH, MASS. — Marcus & Millichap has arranged the $5.8 million sale of a three-story, 67-room Comfort Inn hotel in Plymouth, located south of Boston. Marcus & Millichap’s Jerry Swon, Daniel Zagoria and Cameron Pierce represented the seller, a family trust that owned the property for several decades, and the undisclosed buyer. The hotel, which is located off Route 3, is franchised under Choice Hotels, which operates more than 6,300 hotels across 35 countries and territories.

July 10, 2019

Development Massachusetts Multifamily Northeast Student Housing

Fountain Residential, HC2 Break Ground on 150-Unit Student Housing Asset Near UMass Amherst

by Taylor Williams July 8, 2019

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.

July 8, 2019

Acquisitions Industrial Massachusetts Northeast

CBRE Arranges $43.3M Sale of Three Industrial Properties in Boston Area

by Taylor Williams July 8, 2019

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.

July 8, 2019

Development Massachusetts Multifamily Northeast

Fountain Residential, HC2 Underway on 150-Unit Multifamily Project in Massachusetts

by Taylor Williams July 2, 2019

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.

July 2, 2019

Loans Massachusetts Multifamily Northeast Seniors Housing

Washington Trust Provides $30M Refinancing for Seniors Housing Community Near Boston

by Taylor Williams July 1, 2019

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.

July 1, 2019

Acquisitions Massachusetts Northeast

CBRE Negotiates Sale of 250-Unit Apartment Community Near Worcester

by Taylor Williams June 27, 2019

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.

June 27, 2019

Loans Massachusetts Northeast Office

HFF Arranges $111.5M Loan for Refinancing of Boston Office Building

by Taylor Williams June 26, 2019

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.

June 26, 2019

Newer Posts

Older Posts