LITTLETON, MASS. — Nauset Construction, a locally based general contractor, will soon begin construction of a 60,000-square-foot office project in Littleton, about 35 miles west of Boston, that will serve as the new headquarters for Workers Credit Union. Designed by Maugel Architects, the project will renovate the existing 44,000-square-foot structure and deliver an additional 16,000 square feet of Class A space. Amenities will include a conference room, café, outdoor dining patio and a fitness center.
LYNN, MASS. — Cornerstone Realty Capital has arranged a $3.4 million loan to refinance a 27-unit multifamily building in Lynn. The four-story property was recently renovated and consists of a mix of studios, one- and two-bedroom units. Andrew Saccone of Cornerstone secured the fixed-rate, nonrecourse financing with a 30-year amortization schedule on behalf of the undisclosed borrower. The lender was Greystone.
CAMBRIDGE, MASS. — Urban Spaces has broken ground on Kendall East, a four-story, 136-unit, mixed-use development in the Kendall Square neighborhood of Cambridge. The project is located at 99-119 1st St., 18 Hurley St. and 29 Charles St. Designed by architectural firm Perkins Eastman, the development will also include 15,000 square feet of retail as well as 23 parking spaces. Construction is slated for completion in 2020.
SPRINGFIELD, MASS. — The SilverBrick Group has completed the renovation of SilverBrick Square in Springfield. Located at 122 Chestnut St., the 120,000-square-foot building is a former YMCA property. The newly renovated, 99-unit apartment community now includes new finishes in units and common areas as well as a new fitness center. Emerald Creek Capital provided an $8 million bridge loan to SilverBrick Group for the renovations. Terms of the loan were not disclosed.
MARLBOROUGH, MASS. — Cornerstone Realty Capital has arranged a $2.7 million acquisition loan for a 12,980-square-foot retail building in Marlborough. Located in Middlesex County, the property currently houses four tenants with Starbucks as its anchor. Spaces at the property range from 1,500 to 7,466 square feet. Cornerstone delivered a fixed-rate financing structure with a 30-year amortization schedule to the undisclosed borrower. The lender was a local community bank.
STONEHAM, MASS. — CBRE has arranged the sale of Mave Apartments, a 298-unit apartment community in Stoneham. The sales price was undisclosed. The community opened in 2017 and completed construction in 2018. Amenities include a clubhouse, pool, fitness center, outdoor pavilion area and numerous grilling stations. Simon Butler and Biria St. John of CBRE represented the seller, Fairfield Stoneham Limited Partnership, in the transaction. The buyer was Stoneham Mave LLC.
MEDFORD, MASS. — Burgess Properties has arranged the $25 million sale of a 287,570-square-foot industrial facility in Medford. Located at 970 Fellsway, the seven-acre property was the former longtime home of Medford Self Storage. Steve Nohrden of Burgess Properties represented both the buyer, The Davis Cos., and the seller, Fellsway Realty, in the transaction. The Davis Cos. plans to invest capital into the multi-tenanted facility, which dates back to the early 1900s.
BOSTON — CBRE has arranged the $26.2 million sale of the building that houses The Skating Club of Boston. Located at 1240 Soldiers Field Road in Boston’s Brighton neighborhood, the figure skating club, which was founded in 1912, is the third oldest in the United States. Mark Reardon and Matt Furey of CBRE represented the seller, The Skating Club of Boston, in the transaction. The buyer was the Davis Cos.
While other U.S. cities have demonstrated volatile economic markets, Boston has sustained a strong, healthy economy for more than 40 years. This economic health coupled with the city’s diversity of industries has had a lasting, positive impact and increased demand for commercial space in the greater Boston market. The snapshot of the Class A and B, lab and office market is strong but shows some signs of regression. Today, overall vacancy for lab and office including sublet space is 12.8 percent, according to research from Colliers International. When you break down the numbers by region, the current downtown Boston office market has 71 million square feet, with a 9.2 percent vacancy rate. Cambridge has 23.6 million square feet of space and 3.8 percent vacancy and the suburbs total 123.5 million square feet with 16.6 percent vacancy. The entire Boston area absorption for lab and office space is 5.2 million square feet. While those stats are favorable compared to the last two years, (2017 with 1.8 million square feet and 2016 with 1 million square feet), they are dwarfed by 2015 which had absorption of 5.8 million square feet. It is also the first time that Class B rents have topped …
BOSTON AND LYNN, MASS. — CBRE has arranged a $62 million loan to refinance a 19-building apartment portfolio in Boston and Lynn. The assets consist of workforce housing with a combination of both market-rate and affordable apartments. John Kelly of CBRE secured financing on behalf of the owner, Helge Capital. The lender was undisclosed.