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.
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.
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.
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.
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.
LAWRENCE, MASS. — Unitex Healthcare Laundry Services has signed a 188,653-square-foot industrial lease at 155 Shepard St. in Lawrence, located just south of the New Hampshire border. The property previously served as a plant for beverage can manufacturer Crown Cork & Seal. Greg Klemmer, Tim Brodigan, Tim Allen and Daniel Driscoll of Colliers International represented Elmsford, New York-based Unitex in the lease negotiations. James Lipscomb, Michael Ciummei and Joe Fabiano of JLL represented the landlord, The Seyon Group, which will raise the building’s clear height from 17 feet to 32 feet to accommodate the needs of the new user.
HINGHAM, MASS. — Boston-based mortgage banking firm EagleBridge Capital has arranged $2.1 million in acquisition financing for a 23,600-square-foot industrial building located at 80 Sharp St. in Hingham, a southern suburb of Boston. The borrower, Yankee Trader Seafood, which prepares and sells frozen prepackaged seafood meals, will occupy and renovate the space. Ted Sidel of EagleBridge Capital secured the loan, specific terms of which were not disclosed, through a Massachusetts thrift institution.
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.