Massachusetts

Colliers Secures $115M Bridge Loan for Former NECCO Candy Manufacturing Facility Near Boston

by David Cohen January 16, 2019

REVERE, MASS. — Colliers International has arranged a $115 million bridge loan for a former NECCO candy manufacturing facility in Revere. The loan replaces the acquisition financing also arranged by Colliers. Located at 135 American Legion Highway, the 49-acre property includes a single-story, high-bay warehouse and a two-story manufacturing and distribution space. Adam Coppola, Thomas Welch, John Poole and Tonia Jenkins secured the financing on behalf of the borrower, Atlantic Management and VMD Companies. The lender was LoanCore Capital.

January 16, 2019

Loans Massachusetts Mixed-Use Northeast

Nataxis Provides $230M Refinancing for Mixed-Use Building in Boston

by David Cohen January 11, 2019

BOSTON — Nataxis has provided a $230.7 million loan to refinance Congress Square, a 16-story, 369,617-square-foot mixed-use building in Boston’s financial district. Located at 40 Water St., the property was recently renovated with the addition of seven glass and steel office floors above the fully renovated office and retail space. Nataxis provided the floating-rate financing to borrower Related Fund Management. Terms of the financing were not disclosed.

January 11, 2019

Acquisitions Massachusetts Northeast Office

JOSS Realty Acquires 139,356 SF Office Property Near Boston

by David Cohen January 11, 2019

READING, MASS. — JOSS Realty has acquired a 139,356-square-foot office building in Reading. The sales price was not disclosed. Located at 55 Walkers Brook Drive, the fully leased property is less than a mile from the MBTA commuter rail in downtown Reading. Reading is approximately 14 miles north of downtown Boston. Cushman & Wakefield’s Boston Capital Markets team represented JOSS in the transaction. The seller was Rubenstein Partners LP and Nordblom Co.

January 11, 2019

Acquisitions Massachusetts Multifamily Northeast

Colliers Negotiates $15.2M Sale of Apartment Community in Massachusetts

by David Cohen January 10, 2019

BRAINTREE, MASS. — Colliers International has negotiated the $15.2 million sale of Windjammer Cover Apartments, a 72-unit, waterfront apartment community in Braintree. Located at 79 Shaw St., the property features a mix of studio, one- and two-bedroom units. Bruce Lusa, Jonathan Bryant, John Flaherty and Maggie Collins of Colliers represented the sellers, WJ Partners LLC and Oak Sapling Partners LLC, in the transaction. The buyer was True North Capital Partners LLC.

January 10, 2019

Loans Massachusetts Multifamily Northeast

MassHousing Provides $2.1M Construction Loan for Workforce Housing Community in Boston

by David Cohen January 10, 2019

BOSTON — MassHousing has provided $2.1 million in affordable housing financing from the agency’s Workforce Housing Initiative to support the development of 233 Hancock, a five-story, 36-unit workforce housing community being developed by Arx Urban in Dorchester. The financing will help transform two former automobile repair shops into 36 units of new mixed-income homes, including 21 units of workforce housing. Of the 36 new apartments, 10 will be affordable for working households earning up to 80 percent of the Area Median Income (AMI), and 11 apartments will be affordable for working households earning up to 100 percent of AMI. The remaining 15 units will be rented at market rates. The AMI for Boston is $107,800 for a family of four. Additional financing for the project is being provided by the Property and Casualty Initiative, which is providing $9.4 million in construction and permanent financing. Other sources include $3.2 million of private equity and $500,000 in Community Preservation funding from the City of Boston. Haycon is serving as general contractor on the project. The architect is RODE Architects Inc.

January 10, 2019

Loans Massachusetts Multifamily Northeast

Cornerstone Realty Capital Arranges $5.8M Acquisition Loan for Apartment Building in Massachusetts

by David Cohen January 9, 2019

WHITMAN, MASS. — Cornerstone Realty Capital has arranged $5.8 million in acquisition financing for a three-story, 45-unit apartment building in Whitman. The property features a unit mix of 15 one-bedroom and 30 two-bedroom units. All units include stainless steel appliances, granite countertops, in-unit laundry and hardwood floors. Patrick Brady of Cornerstone secured financing for the borrower, a private family office, in the transaction. The lender was a local bank. Whitman is located approximately 24 miles south of Boston.

January 9, 2019

Acquisitions Massachusetts Multifamily Northeast

Marcus & Millichap Orchestrates Sale of Nine-Unit Apartment Building in Worcester, Massachusetts

by David Cohen January 8, 2019

WORCESTER, MASS. — Marcus & Millichap has arranged the sale of a nine-unit apartment building in Worcester. The property sold for $710,000. Located at 148-152 Millbury St., the three-story property was built in 1920. Matthew Pierce of Marcus & Millichap’s Boston office represented the seller, a private investor, in the transaction. The buyer was also a private investor. The 11,505-square-foot building also includes ground-floor retail that is currently occupied by Three G’s Sportsbar.

January 8, 2019

Hospitality Loans Massachusetts Northeast

Cherrytree Group Arranges Bridge Loan for Preservation of Historic Hotel in Massachusetts

by David Cohen January 4, 2019

LOWELL, MASS. — Cherrytree Group has arranged an $825,000 bridge loan for the preservation of the Lowell Legacy Hotel, a registered historic landmark in Lowell. The five-story building, built between 1896 and 1905, was recently declared eligible to receive Federal tax credits for historic preservation. Warren Kirshenbaum of Cherrytree arranged the pre-development funding on behalf of the borrower, Madison Security Group. Hampton Financial Partners provided the loan, which will serve as a bridge leading to long-term financing by the Small Business Administration. The new Lowell Legacy Hotel will contain 52 guest rooms as well as banquet facilities.

January 4, 2019

Acquisitions Massachusetts Northeast Retail

Linear Retail Properties Acquires Retail Property in Boston for $5M

by David Cohen December 21, 2018

BOSTON — Linear Retail Properties has acquired a three-story, 8,131 square foot retail building in the Downtown Crossing neighborhood of Boston. The sales price was $5 million. Located at 19-21 School St., the entire building is currently vacant. Linear plans to lease up the property with a full-building retail tenant or restaurant operator. Mike Edward, Jake Golden and Jon Gifford of Perry Brokerage Associates represented the seller, Envision Bank, in the transaction.

December 21, 2018

Market Reports Massachusetts Northeast Northeast Market Reports Office

Boston Relishes Status as Hot Spot for Tech, Life Science Firms

by David Cohen December 19, 2018

The Boston office market continues to see established out-of-market tech users from a diverse group of industries take large blocks of space. In the Seaport District, Aptiv, a division of the car technology company Delphi Technologies, took 93,000 sq. ft. at 100 Northern Avenue. In the central business district, Spotify, a digital music service company, opened its first Boston location and leased 73,000 sq. ft. at Center Plaza. Verizon’s Oath, the digital publishing arm of the company, inked a 440,000 sq. ft. lease at North Station’s The Hub. And Bose, a consumer electronic products company, recently took the remaining available space at Boston Landing, bringing its leasing total to 145,000 sq. ft. at the project. The diversity of this new crop of tech entrants into the market solidifies the strength of Boston’s growing technology cluster. Innovators aplenty In a city once dominated by financial service and insurance firms, Boston is now home to a world-class entrepreneurial ecosystem. This is important as established companies across industries race to innovate in the digital age. The juxtaposition of Fortune 500 companies such as Optum and Amazon next door to newly funded and rapidly expanding home-grown startups such as Draft Kings and Toast makes …

December 19, 2018

Newer Posts

Older Posts