Massachusetts

CommonWealth Partners Acquires Pier 4 Office Building in Boston’s Seaport District for $450M

by David Cohen August 24, 2018

BOSTON — CommonWealth Partners has acquired the Pier 4 office building in Boston’s seaport district from developer Tishman Speyer for $450 million. The 372,372-square-foot property sold for $1,208 per square foot, the highest ever for a Boston office property, according to Tishman Speyer. Located at 200 Pier 4 Blvd., the building was designed by Elkus Manfredi Architects of Boston and completed in May 2018. Pier 4 currently serves as the global headquarters for the Boston Consulting Group, educational content and technology services company Cengage Learning, and equity manager Man Numeric. “From the beginning, the Pier 4 site presented Tishman Speyer with a unique opportunity to create Boston’s finest modern mixed-use development,” says Jessica Hughes, managing director of Tishman Speyer. “We thank the City of Boston, the Commonwealth of Massachusetts, and the very dedicated waterfront community for sharing our vision for this property and working with us to bring that vision to full realization.” Amenities at Pier 4 include harbor views, a roof terrace, fitness center, bicycle storage and three levels of parking. Tishman Speyer is currently developing the final phases of the Pier 4 project, which will include a nine-story condominium building and one-acre public waterfront park. The Pier 4 …

August 24, 2018

Acquisitions Massachusetts Northeast Office

Kelleher & Sadowsky Orchestrates Sale of 3,960 SF Office Building Near Boston

by Kristin Harlow August 20, 2018

WESTBOROUGH, MASS. — Kelleher & Sadowsky has orchestrated the sale of a 3,960-square-foot office building in Westborough for an undisclosed price. The property is located at 32-36 Milk St. in downtown Westborough, approximately 34 miles west of Boston. Drew Higgins of Kelleher & Sadowsky represented the buyer, Francis Vaccaro of Masis Staffing Solutions, in the transaction. The seller was undisclosed.

August 20, 2018

Acquisitions Massachusetts Multifamily Northeast

Northeast Private Client Group Negotiates $2.6M Sale of Apartment Building Near Boston

by Taylor Williams August 17, 2018

REVERE, MASS. — Northeast Private Client Group has negotiated the $2.6 million sale of the Revere Beach Parkway Apartments in Revere. The property, which is located at 473 Revere Beach Parkway, consists of eight two-bedroom residential units. The sales price equates to $333,333 per unit at a capitalization rate of 5.9 percent based on current net operating income. Drew Kirkland and Francis Saenz of Northeast Private Group represented the seller, Boston-based Nine John Street LLC., in the transaction. The buyer was 7 Hills Living Community LLC.

August 17, 2018

Loans Massachusetts Multifamily Seniors Housing

Fantini & Gorga Arranges $20.5M in Construction Financing for Seniors Housing Community in Massachusetts

by David Cohen August 15, 2018

CHICOPEE, MASS. — Fantini & Gorga has arranged a $20.5 million construction loan for Chicopee Assisted Living at RiverMills, an assisted living community in the Western Massachusetts city of Chicopee. Once completed in Spring 2019, the three-story, 80,000-square-foot community will include 95 units. The development will be located along the Chicopee River in the city’s historic RiverMills District. Approximately 20 percent of the units will offer memory care services. An additional 20 percent of the units will be reserved as affordable units. The fixed-rate, nonrecourse loan made at a loan-to-cost ratio of 85 percent is for a period of 15 years.

August 15, 2018

Acquisitions Massachusetts Multifamily

CBRE Brokers $65M Sale of Apartment Community in Boston

by David Cohen August 14, 2018

BOSTON — CBRE has brokered the $65 million sale of Fairlawn Apartments, a 347-unit apartment community in the Mattapan neighborhood of Boston. Simon Butler and Biria St. John of CBRE represented the seller, AP Fairlawn LLC, an affiliate of ARES Management. The buyer was an affiliate of the DSF Group. The property consists of 12 four-story apartment buildings built between 1965 and 1968.

August 14, 2018

Development Hospitality Massachusetts Northeast Top Stories

JLL Arranges $330.7M Construction Loan for 1,055-Room Hotel in Boston

by Taylor Williams August 13, 2018

BOSTON — JLL has arranged a $330.7 million loan for the construction of the Omni Boston Hotel at the Seaport, a 1,055-room luxury hotel being developed in Boston’s Seaport District. Completion is slated for early 2021. Omni Boston Hotel at the Seaport will be located across the street from the Boston Convention and Exhibition Center. The property will be the fourth-largest hotel in Massachusetts by room count and will also feature 111,700 square feet of meeting and convention space, including a 25,000-square-foot ballroom. Other amenities will include more than 47,000 square feet of retail space, a pool, event venue and a fitness center. JLL arranged the financing on behalf of New Boston Hospitality — an affiliate of Boston-based investment and development firm The Davis Cos. — and its development partner, Omni Hotels & Resorts. A syndicate led by U.S. Bank, Santander and M&T Bank originated the loan. Kevin Davis, Bob Webster and Jon Schneider of JLL led the debt placement effort. “Lodging supply growth in the Seaport District has been minimal,” said Schneider. “The addition of Omni Boston Hotel at the Seaport will really meet that demand and solidify Boston as a premier convention destination, both nationally and internationally.” “This …

August 13, 2018

Development Hospitality Massachusetts

Carpenter & Co. Tops Out 61-Story Hotel and Residential Tower in Boston

by David Cohen August 10, 2018

BOSTON — Cambridge-based developer Carpenter & Co. has topped out One Dalton, a 61-story hotel and residential tower in Boston. The tower will include a 215-room Four Seasons hotel and 160 residential condominiums. Carpenter & Co. is developing One Dalton, which was designed by Pei Cobb Freed & Partners and Cambridge Seven Associates. Suffolk is the builder. At 742 feet tall, One Dalton will be Boston’s third-tallest tower after the 790-foot tower at 200 Clarendon St. formerly known as the John Hancock Tower and the 749-foot Prudential Tower.

August 10, 2018

Acquisitions Massachusetts Multifamily Northeast

Colliers Negotiates $42.5M Sale of Apartment Community in Boston

by David Cohen August 9, 2018

BOSTON — Colliers International has negotiated the $42.5 million sale of Trac 75, an 80-unit apartment community in Boston’s Allston neighborhood. Located at 75 Braintree St., the property consists of a mix of studio, one-, two- and three-bedroom units. Colliers represented the seller, a joint venture between affiliates of The Grossman Cos. and The Waypoint Cos. Coldwell Banker Residential Brokerage represented the buyer, a private family office. Dolben will continue to manage Trac 75.

August 9, 2018

Loans Massachusetts Multifamily Northeast

Cornerstone Realty Capital Secures $7.5M Refinancing for Multifamily Community in Boston

by David Cohen August 9, 2018

BOSTON — Cornerstone Realty Capital has secured a $7.5 million refinancing for a four-building, 64-unit multifamily community in Boston. The properties are located on Pleasant Street in Melrose, approximately 8 miles north of Boston. Cornerstone secured a fixed-rate loan through a correspondent lender with 24 months of interest-only payments followed by a 30-year amortization. The borrower was undisclosed.

August 9, 2018

Acquisitions Massachusetts Multifamily Northeast

CBRE Arranges $44.2M Sale of Apartment Community Near Boston

by David Cohen August 3, 2018

HUDSON, MASS. — CBRE has arranged the sale of Matrix Hudson, a 176-unit apartment community in Hudson. The property sold for $44.2 million. Matrix Hudson was completed in 2017 and consists of three five-story apartment buildings. Simon Butler and Biria St. John of CBRE/New England represented the seller, Madison Place Hudson LLC., in the transaction. The buyer was PP Hudson Investors LLC.

August 3, 2018

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