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.
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.
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.
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.
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 …
LOWELL, MASS. — CBRE/New England has arranged the sale of Cabot Crossing, a 252-unit garden-style multifamily community in Lowell, for an undisclosed price. The property was built between 1987 and 1988 and comprises seven three-story buildings as well as a clubhouse and management office. The unit mix includes 28 studio, 131 one-bedroom and 56 two-bedroom apartments. Simon Butler and Biria St. John of CBRE/New England represented the seller, a joint venture between Taurus Investment Holdings and PhilMor Real Estate Investments, in the transaction. The buyer was Cabot Crossing Apartments Property Owner LLC, an affiliate of JRK Property Holdings.
CONCORD, MASS. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a skilled nursing facility in Concord, a northwestern suburb of Boston. The facility was out of operation, after management challenges and a growing list of deferred capital expenditures forced its closing. The undisclosed seller sold the property to a substance abuse rehabilitation provider, which will renovate the property to serve that function. The price was not disclosed. Steve Thomes led the transaction for Blueprint.
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.