Massachusetts

NKF Arranges $10.7M Sale of Retail Center in Cambridge

by David Cohen October 19, 2018

CAMBRIDGE, MASS. — Newmark Knight Frank has arranged the $10.7 million sale of a 12,128-square-foot retail strip center in Cambridge. Located at 351-359 Fresh Pond Parkway, the property is fully leased to a tenant roster that includes Bank of America, AT&T, Sherwin Williams, Sleep Number and The Vitamin Shoppe. The retail center was built in 2013. NKF represented the seller, a joint venture between Spellman Ventures and Sydney Associates, in the transaction. The buyer was an affiliate of The Grossman Companies.

October 19, 2018

Development Loans Massachusetts Multifamily Northeast Top Stories

JPMorgan Chase Provides $306.5M Construction Loan for St. Regis Residences in Boston

by David Cohen October 17, 2018

BOSTON — JPMorgan Chase Bank has provided a $306.5 million construction loan for The St. Regis Residences a 114-unit, waterfront multifamily project in Boston’s Seaport district. The 22-story tower, which will be located at 150 Seaport Blvd., will feature a twisting and angular design evoking billowing sails in a nod to its location. Every residence in the property will offer views of the Boston skyline or Boston Harbor. The residences will also include underground parking and a two-story restaurant. Amenities will include a swimming pool, spa, health club, library and golf simulator. HFF represented the developer, Cronin Development, in the transaction. HFF also advised Cronin in structuring a joint venture for $34.5 million with a private equity partner, the JCM Opportunity Fund I LLC, a subsidiary holding of Joyal Capital Management. “With its unique design and location, The St. Regis Residences, Boston will be unlike any residential development ever built in the City, serving as an iconic landmark on the Boston skyline,” said HFF senior director Brett Paulsrud. Condominium units at the St. Regis Residences will range from one-bedrooms to penthouse homes. The 208,000-square-foot project will also include around 10,000 square feet of retail space, according to the developer’s website. …

October 17, 2018

Loans Massachusetts Multifamily Northeast Seniors Housing

Cushman & Wakefield Recapitalizes 289-Unit Portfolio in New England for LCB Senior Living

by David Cohen October 16, 2018

BOSTON — Cushman & Wakefield Senior Housing Capital Markets Group has arranged recapitalization financing for a 289-unit independent living, assisted living and memory care portfolio in New England. The borrower is LCB Senior Living and its joint venture capital partner, Harrison Real Estate Capital, which recently acquired the properties. The amount of the financing was not disclosed. The assets include four properties in Ipswich, Mass. (built in 2014); South Windsor, Conn. (built in 2015); Avon, Conn. (built in 2015); and Lincoln, R.I. (built in 2009). The Cushman & Wakefield team that led the transaction included Rick Swartz, Jay Wagner, Jim Dooley and Caryn Donahue. In addition to the sale, Cushman & Wakefield arranged acquisition financing on behalf of the buyer with PGIM Real Estate Finance that closed concurrently with the recapitalization. The financing holds a 10-year term that is interest-only through maturity.

October 16, 2018

Acquisitions Massachusetts Multifamily Northeast

Fantini & Gorga Arranges $15.5M Refinancing for Mixed-Use Portfolio in Boston

by David Cohen October 15, 2018

BOSTON — Fantini & Gorga has arranged a $15.5 refinancing for a mixed-use portfolio in Boston. The properties are located at 167, 168, 176 and 303-305 Newbury St. in Boston’s Back Bay neighborhood. Together, the properties include 20,190 square feet of retail and office space. Wayne Clough and Despina Hixon of Fantini & Gorga secured financing on behalf of an undisclosed borrower through a life insurance company. Terms of the financing were undisclosed.

October 15, 2018

Acquisitions Massachusetts Northeast Retail

Encore Real Estate Negotiates $5.3M Sale of Walgreens-Occupied Asset Near Boston

by David Cohen October 11, 2018

MALDEN, MASS. — Encore Real Estate Investment Services has negotiated the $5.3 million sale of a net-leased Walgreens Pharmacy in Malden. The property is located three miles from the massive Encore Boston Harbor casino project that is currently under construction. Danny Samona and James Roberts of Encore Real Estate represented the undisclosed seller in the transaction. The buyer was also undisclosed.

October 11, 2018

Loans Massachusetts Multifamily Northeast

NYLREI Provides $96M Refinancing for Multifamily Complex Near Boston

by David Cohen October 8, 2018

WALTHAM, MASS. — New York Life Real Estate Investors has provided a $96 million refinancing for The Merc at Moody & Main, a 269-unit multifamily complex with street-level retail in Waltham. Located at 45 Moody St., a Roche Brothers’ Brothers Marketplace anchors the property. NYLREI provided a 12-year, fixed-rate loan to the borrower, Northland Investment Corp.

October 8, 2018

Loans Massachusetts Multifamily Northeast

KeyBank Secures $63M Loan for Apartment Community in Revere, Massachusetts

by David Cohen October 8, 2018

REVERE, MASS. — KeyBank has provided a $63 million refinancing for Beach House, a 234-unit apartment community in Revere. The Fannie Mae loan was used to refinance an existing KeyBank construction loan. The borrower, Baystone Development, built the seven-story property in 2018. The financing includes a 10-year term with a five-year interest-only period on a 30-year amortization schedule.

October 8, 2018

Development Massachusetts Multifamily Northeast Seniors Housing

JCHE Plans 62-Unit Affordable Senior Housing Community Near Boston

by David Cohen October 5, 2018

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.

October 5, 2018

Acquisitions Massachusetts Multifamily Northeast

CBRE Brokers Sale of 230-Unit Multifamily Community in Metro Boston

by David Cohen October 3, 2018

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.

October 3, 2018

Acquisitions Massachusetts Multifamily Northeast

John M. Corcoran & Co. Acquires Apartment Community Near Boston

by David Cohen October 3, 2018

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.

October 3, 2018

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