BOSTON — PGIM Real Estate Finance has provided a $164 million loan for the refinancing of a portfolio of 14 multifamily properties located throughout metro Boston and the nearby suburbs of New Hampshire. Eleven of the properties are located in the Middlesex, Essex and Worcester counties of Massachusetts, and the others are located in Keene, New Hampshire. The portfolio totals 1,620 units. The borrower was Princeton Properties, an investment firm that has owned all 14 properties for more than 15 years. Specific loan terms were not disclosed.
LOWELL, MASS. — Boston-based mortgage banking firm Fantini & Gorga has placed a $14 million construction loan for a redevelopment project involving a former corduroy mill in Lowell, Massachusetts, about 30 miles north of Boston. The project will convert the 80,000-square-foot facility, known as Waterhead Mill, into a 71-unit residential building that will offer studio and one-bedroom units. The new property will also feature amenities such as a fitness center, a movie theater, coworking office space, resident lounge and a package receiving area. The borrower was not disclosed. Construction is underway and expected to last about 15 months.
BURLINGTON, MASS. — The Gutierrez Co., a development and management firm that is active in the Boston area, will convert Burlington BioCenter, located about 15 miles northwest of Boston, into a 109,500-square-foot lab facility. The repositioning project is expected to be complete by 2019. The new facility will offer four stories of lab space, interconnecting stairways, abundant parking and an open design aesthetic. JLL is handling leasing and marketing of the new space.
MAINE, MASSACHUSETTS and NEW HAMPSHIRE — HFF has provided an undisclosed amount of financing for a portfolio of eight seniors housing properties totaling 565 units in New England. Northbridge Strategic Senior Housing Fund II was the borrower. Freddie Mac provided the capital, and HFF will service the loans. The intended use of the proceeds was not disclosed. The properties in the portfolio are Avita of Brunswick in Brunswick, Maine; Avita of Stroudwater in Westbrook, Maine; Avita of Wells in Wells, Maine; Carriage House at Lee’s Farm in Wayland, Massachusetts; Laurelwood at the Pinehills in Plymouth, Massachusetts; Ledgewood Bay at Milford in Milford, New Hampshire; Stroudwater Lodge in Westbrook, Maine; and Sunnybrook in Brunswick, Maine. The properties have an average completion date of 2014 and comprise a mixture of 49 independent living, 256 assisted living and 260 memory care units that were nearly 90 percent occupied at closing.
SPRINGFIELD, MASS. — CIT Group Inc. has arranged a $24.7 million acquisition loan for a medical office complex located in the western Massachusetts city of Springfield. The borrower was a joint venture between Los Angeles-based Kayne Anderson Real Estate Advisors and Chicago-based MBRE Healthcare. The property consists of multiple buildings that house a mix of service providers, including ambulatory surgery, women’s health, ophthalmology, urology, podiatry and sleep medicine. The seller was not disclosed.
MALDEN, MASS. — Burgess Properties Inc., a brokerage firm serving the greater Boston area, has arranged the $2.8 million sale of a medical office building located at 450 Pearl St. in Malden, a northern suburb of Boston. The property spans 11,790 square feet, features 70 parking spaces and formerly housed the headquarters of North Suburban Orthopedics Inc. Steve Nohrden of Burgess Properties brokered the deal between the undisclosed seller and the buyer, MIC Pearl Property LLC.
LYNN, MASS. — A joint venture between affiliates of global investment firm The Carlyle Group and local developer The Procopio Cos. will develop The Caldwell, a 259-unit multifamily high-rise project in the northern Boston suburb of Lynn. The 10-story, transit-served property will offer amenities such as a rooftop deck, pool, fitness center and a gaming lounge. Square Mile Capital Management LLC provided a $63.9 million construction loan for the project that was placed by CIT Group Inc. Jeff Black and Sean Burke of Colliers International also worked on behalf of Procopio to place the construction debt and arrange the equity partnership, resulting in an $84 million capital stack. The development team broke ground on The Caldwell in March 2019 and expects to complete construction by fall 2020.
BOSTON — Dallas-based developer Trammell Crow Co. will open a new office in Boston. Charles Leatherbee, who joins the company from Skanska USA Commercial Development and most recently served as executive vice president in that firm’s Boston office, will head the new Trammell Crow office beginning Monday, May 6. The exact location and square footage of the new office is still being negotiated. The company hopes to announce that information in the coming weeks. Trammell Crow CEO Matt Khourie cited Boston’s diversified economy and deep pool of talent as key reasons behind the company’s decision to open the Boston office, which will offer development services for office, multifamily, life sciences and industrial product.
BOSTON — PGIM Real Estate Finance has provided a $30.4 million Freddie Mac loan for the refinancing of Barclay on Beacon, a high-rise apartment complex located in the Brookline neighborhood of Boston. The property consists of 111 units and offers amenities such as a pool, fitness center and onsite laundry facilities. The loan carries a 15-year term and a fixed interest rate. The borrower was not disclosed.
BURLINGTON, MASS. — R.W. Holmes Commercial Real Estate has negotiated a 14,011-square-foot lease for flex space at 141 Middlesex Turnpike in Burlington, about 20 miles northwest of Boston. The tenant was Zimmer Northeast, a subsidiary of Zimmer Biomet (NYSE: ZBH), which manufactures and distributes orthopedics products. Mike Ogasapian and Garry Holmes of R.W. Holmes represented the tenant in the lease negotiations. Jordan Yarboro and Madison Chambers of JLL represented the landlord, The Berman Cos.