BRAINTREE, MASS. — Cornerstone Realty Capital has arranged a $14.3 million loan to refinance a 72-unit apartment complex in Braintree. The property consists of six buildings, each with in-unit laundry and a private balcony or patio. The borrower, True North Capital Partners, plans to update the property with full bathroom, kitchen and electrical upgrades. Community updates will include a grilling station, sports court and playground. Cornerstone secured a full-term fixed-rate financing structure through an undisclosed lender with 36 months of interest-only payments followed by 30-year amortization schedule.
EASTHAM, MASS. — Penrose has broken ground on Village at Nauset Green in Eastham. The $23 million project will consist of 65 affordable and workforce housing units spread across more than 11 acres. The property will accommodate individuals and families with a range of incomes, including 11 units serving households earning up to 30 percent of the area median income (AMI) and 39 units serving households earning up to 60 percent of AMI. The remaining units will be Workforce units for families set at rents equal to 90 percent of AMI. Pennrose Management Co. will provide on-site management and maintenance, as well as supportive services geared toward both senior and family populations. Amenities include a community room, community garden and a pocket park at the front of the site to be used by all residents of Eastham and users of the nearby Cape Cod Rail Trail. Funding for the project included $10 million over 10 years in federal low-income housing tax credits and $4.375 million in state tax credits over five years from the Commonwealth of Massachusetts Department of Housing and Community Development. A $10.2 million construction loan was provided by Bank of America and a $4.4 million permanent first mortgage …
BOSTON — AWH Partners has acquired a three-property Holiday Inn portfolio in Boston. The properties include the Holiday Inn & Suites Boston – Peabody, Holiday Inn & Suites Marlborough and the Holiday Inn Boston-Dedham Hotel and Conference Center. The sales price was not disclosed. Spire Hospitality, AWH’s hospitality management company, will manage the properties. The hotels have a combined 555 guest rooms as well as 8,000 square feet of event and meeting space.
The Greater Boston industrial market is busier than ever. Supply for quality warehouse and flex space is limited and the demand is at an unprecedented high. As a result, we have seen rents soar, achieving upwards of $7 to $7.50 Triple Net rent along I-495, and $9 to $11 Triple Net rent along Route 128, notable increases from just a few years ago. To coin a well-known quote from the 1989 film Field of Dreams, “If you build it, they will come,” and both investors and tenants continue flocking to the industrial real estate market in the Commonwealth, in some cases making their first appearance in Massachusetts, or in others looking to expand their presence here. Along with the usual suspects, we are seeing plenty of non-traditional industrial buyer groups as well as users who are now seeing the value in the region and asset class. While developers have experienced tremendous success to date with speculative builds, there are undoubtedly some potential risks on the horizon. Tenants are looking for clear heights exceeding 30 feet with as many loading docks as possible, a first-class inventory type that is far from common or plentiful in our marketplace. To accommodate changing tenant …
CLINTON, MASS. — Cornerstone Realty Capital has arranged a $1.9 million loan to refinance a mixed-use property in Clinton. The property consists of 16 apartments and two commercial spaces. The commercial spaces average approximately 2,300 square feet and include wood flooring and brick exterior. Patrick Brady of Cornerstone secured a fixed-rate loan with a 30-year amortization schedule for the undisclosed borrower through a correspondent lender.
BOSTON — A joint venture between Allianz Real Estate, Beacon Capital Partners and the Massachusetts Pension Reserves Investment Management (PRIM) Board has acquired 53 State Street, a 1.2 million-square-foot office property in Boston’s Financial District. The sales price was $845 million. The Class A property, known locally as Exchange Place, comprises the historic Boston Stock Exchange building that was completed in 1891 and a 40-story office tower that was built in 1985. The building also features ground-floor retail space. The seller of 53 State Street, which was 93 percent leased at the time of sale, was not disclosed. The property features a seven-story, glass-enclosed atrium and an outdoor arcade with seating areas along Congress Street. Amenities include a rooftop deck, fitness center and conferencing facilities. “Allianz recognizes this acquisition is a unique opportunity to expand into Boston and to continue to diversify our investors’ portfolio,” says Christoph Donner, CEO of Allianz Real Estate. “Our real estate portfolio includes some of the top office buildings in the U.S., and this investment is consistent with our overall strategy to generate strong returns from Class A properties,” adds Michael Trotsky, executive director and chief investment officer of Mass PRIM. Allianz Real Estate is …
BELLINGHAM, MASS. — CBRE/New England has negotiated the $25 million sale of a 210,700-square-foot distribution facility in Bellingham. Located at 190 Mechanic St., the property was built in 2006 and features 32-foot clear heights, T5 motion-sensor lighting and ESFR sprinkler systems. The building is fully leased to three tenants. Chris Skeffington, John Lashar and Roy Sandeman of CBRE/New England represented the seller, Guggenheim Real Estate. The buyer was TH Real Estate.
EAST LONGMEADOW, MASS. — Money360 has provided a $4.2 million bridge loan for Longmeadow Medical Center, a 22,000-square-foot medical office building. The property is located at 294 North Main St. in East Longmeadow, approximately five miles southeast of Springfield. Terms of the recourse loan include a 24-month term and an 8 percent interest rate. The borrower was undisclosed.
CAMBRIDGE, MASS. — Fantini & Gorga has secured a $28.3 million construction loan for St. James Place, a mixed-use development in the Porter Square neighborhood of Cambridge. Located at 2013 Massachusetts Ave., the development will feature 46 residential condominiums, ground-floor retail and underground parking. Derek Coulombe, Tim O’Donnell and Despina Hixon of Fantini & Gorga secured financing for the undisclosed borrower through a mid-sized regional bank. Terms of the financing were not disclosed.
BOSTON — MassHousing has provided $45.7 million in acquisition and rehabilitation financing for a 201-unit affordable housing portfolio in Roxbury and Dorchester. The housing portfolio, formerly owned by the late Lorenzo Pitts, includes the Lawrenceville Apartments, Infill I, Infill II, Crawford House, Thane Street Apartments and the Gardner Apartments. MassHousing provided the borrower, Jamaica Plain Neighborhood Development Corporation (JPNDC), with a $26 million construction and permanent loan, an $18 million tax credit equity bridge loan and a $1.7 million Section 13A preservation loan. JPNDC will make extensive capital improvements as part of the transaction including masonry repairs, kitchen upgrades and bathroom upgrades, as well as updates to the electrical and plumbing systems. Of the 201 units in the portfolio, 175 are affordable to households earning at or below 60 percent of the area median income (AMI) and 26 apartments are affordable to households earning at or below 80 percent of AMI. The AMI for Boston is $107,800 for a family of four.