BROOKLINE, MASS. — Jewish Community Housing for the Elderly (JCHE) has announced plans for a 62-unit affordable seniors housing community in Brookline, a town just southwest of downtown Boston. The community, which has not yet been named, will be located in the densely populated neighborhood of Coolidge Corner. Construction is scheduled to begin in the first quarter of 2019 for completion in summer 2020. JCHE and synagogue Congregation Kehillath Israel (KI) are working together to create a multi-generational village center that simultaneously addresses the issues of social isolation and housing affordability. KI will lease space on its Harvard Street campus to JCHE to develop the property, which will be connected both physically and programmatically to the synagogue. The community, located on a half-acre site, will also offer 1,000 square feet of retail space and a public pocket park. Although the property features no parking, the transit-oriented development is near to the MBTA Green Line and bus line, and also offers transportation via Zip Car, Brookline’s ElderBus service and JCHE’s van service.
REVERE, MASS. — CBRE/New England has brokered the sale of Ocean 650, a 230-unit multifamily community in Revere. The sales price was undisclosed. Opened in 2017, the community consists of a seven-story building with amenity space and a parking garage on the first two stories. Amenities include two elevated courtyards, a resort-style pool deck, fire pit lounge area and roof deck. CBRE represented the seller, a fund advised by Boston-based TA Realty, in the transaction. The buyer was a fund advised by Greystar.
CHELSEA, MASS. — Property management firm John M. Corcoran & Co. has acquired Chelsea Place, an apartment community located four miles northeast of Boston in Chelsea. Built in 2013, the community is currently 98 percent occupied and offers units that average 909 square feet each. Amenities include a resident lounge, coffee bar, fitness center, garage parking, stainless steel appliances, walk-in closets and en-suite laundry. Adam Dunn and Chris Phaneuf of HFF represented the seller, Federal Realty Investment Trust, in the transaction.
CAMBRIDGE, MASS. — MassHousing has provided $24.7 in financing for Concord Highlands, a six-story, 98-unit affordable housing community in Cambridge. MassHousing provided the borrower, Homeowners Rehab, with an $8.9 million permanent loan, $11.9 million tax credit equity bridge loan and $3.8 million in workforce housing funding. All apartments at the community will be deed-restricted and affordable to low-, moderate- and middle-income households. The project is the largest affordable housing community to be built in Cambridge in 40 years. Ten of the 98 new apartment homes at Concord Highlands will be affordable to households earning 30 percent of the area median income (AMI). Fifty units will be affordable for households earning up to 60 percent AMI. Thirty-eight units will be workforce-housing units, with 21 of the workforce units affordable for households earning up to 80 percent AMI, and 17 workforce housing units for households earning at or below 100 percent AMI. The AMI for Cambridge is $107,800 for a family of four. NEI General Contracting is serving as general contractor for the project. The architect is ICON Architecture.
NEWTON, MASS. — HFF has secured a $9.8 million acquisition loan for the leasehold interest in the Crowne Plaza Boston Newton, a 270-room hotel in Newton. HFF arranged a long-term, non-recourse loan through UniBank on behalf of the undisclosed borrower. Loan proceeds are being used to both acquire and renovate the hotel. The property is located approximately five miles west of Boston and features a restaurant and bar, indoor pool, fitness facility, on-site parking, room service and 15,000 square feet of meeting and event space.
SOMERVILLE, MASS. — Cornerstone Realty Capital has secured a $9 million acquisition loan for a 34-unit apartment community in Somerville. The property is located at 625 McGrath Highway, three miles north of Boston. Each unit features granite countertops, stainless steel appliances, a breakfast bar, vinyl plank flooring and a NEST thermostat. Cornerstone Realty Capital represented the borrower, the Micozzi Cos., in securing a fixed-rate financing structure with 12 months of interest-only payments followed by a 30-year amortization schedule. The lender was undisclosed.
NORWOOD, MASS. — NKF Capital Markets has brokered the $23.5 million sale of Norwood Medical Center in Norwood. Located at 825 Washington St., the 92,400-square-foot facility is anchored by Steward Health Care. Frank Nelson, Michael Greeley, James Tribble and Casey O’Brien of NKF Capital Markets represented the seller, Grander Capital Partners, in the transaction. The buyer was an affiliate of Thor Equities.
METHUEN, MASS. — Sunshine Retirement Living has broken ground on The Woods at Merrimack, a 140-unit seniors housing community in Methuen, approximately 30 miles north of Boston along the New Hampshire border. The 140,000-square-foot community will sit on 8.7 acres. Locke Mansion, built in 1913 on the site, will be preserved as part of the project. The development is scheduled to open in fall 2019. Partners on the project include Buildable Sites Development LLC and New Hampshire-based JSA Architects Interior Planners. Sunshine operates 20 seniors housing communities throughout the country.
CAMBRIDGE, MASS. — Nauset Construction has broken ground on St. James Place, a transit-oriented, mixed-use development in the Porter Square neighborhood of Cambridge. Acorn Holdings LLC is developing the project, which is located at 2013 Massachusetts Ave. The development will include 46 condominiums, 2,000 square feet of retail space and a new parish hall for the St. James Episcopal Church. Architectural firm Dumont, Janks, Goldberg, Reed LLC designed the condominium complex.
BURLINGTON, MASS. — HFF has secured a $30 million refinancing for Blanchard Woods, a three-building office portfolio in Burlington. HFF represented the borrower, Duffy Properties, in securing an 11-year, fixed-rate loan through Nationwide Life Insurance Co. Blanchard Woods is located at 76, 78 and 80 Blanchard Road, approximately 13 miles north of Boston. The portfolio spans 194,421 square feet and is 91 percent leased to 19 tenants, including anchor tenant Cambridge Trust.