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AcquisitionsHospitalityMassachusettsNortheast

HFF Negotiates Sale of 120-Room Residence Inn Hotel in Boston

by Kristin Harlow

BOSTON — HFF has negotiated the sale of the 120-room Residence Inn Boston Downtown Seaport located in the Fort Point neighborhood of Boston. The sales price was undisclosed. Denny Meikleham, Alan Suzuki and Matthew Enright of HFF represented the seller, Norwich Partners, in the transaction. The buyer was Claremont Cos. The property was built in 1901 as the Stillings Building by the Boston Wharf Co. In 2013, the building was redeveloped into a Residence Inn and was honored as the “Best Custom Project” in 2014 by Marriott International. The guest rooms at the hotel feature 12-foot ceilings, exposed brick walls, wooden beams and fully equipped kitchens. Amenities include meeting space, a business center, fitness center and two restaurants.  

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DevelopmentMassachusettsMultifamilyNortheastSeniors Housing

Nauset Completes 123-Bed Skilled Nursing Facility in Massachusetts

by David Cohen

NEWBURYPORT, MASS. — Nauset Construction has finished building Port Healthcare Center, a 123-bed skilled nursing facility in Newburyport, located in the very northeastern corner of the state. Whittier Health Network, a family-owned healthcare organization with operations in Massachusetts and New York, owns and operates the facility. The new center is a replacement property, more than doubling the bed count of the original asset. Designed by longtime Whittier architect Ranere Associates Inc., the two-story, steel-and-concrete building totals 62,000 square feet.

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AcquisitionsMassachusettsMultifamilyNortheast

CBRE Negotiates Sale of 378-Unit Apartment Tower in Boston

by David Cohen

BOSTON — CBRE/New England has negotiated the sale of Troy Boston, a 378-unit apartment tower in the South End neighborhood of Boston. The 19-story high-rise opened in 2015 and has an overall average unit size of approximately 630 square feet. The property is certified to LEED Gold standards. Simon Butler and Biria St. John of CBRE represented the seller, a fund advised by Gerding Edlen, in the transaction. Equity Residential bought the property for an undisclosed price.

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AcquisitionsMassachusettsMultifamilyNortheast

Yannios Real Estate Brokers $3.5M Sale of Apartment Community Near Boston

by David Cohen

HAVERHILL, MASS. — Yannios Real Estate Investment Sales has brokered the $3.5 million sale of Highland Maple Apartments, a 39-unit apartment community built in 1850. The property, which comprises two three-story buildings, is located at 3-5 Maple Ave. in Haverhill, 35 miles north of Boston. Yannios Real Estate represented the seller, 3-5 Maple Ave. LLC, in the transaction. The buyer was Kuma Realty.  

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AcquisitionsMassachusettsOfficeTop Stories

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

by David Cohen

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 …

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AcquisitionsMassachusettsNortheastOffice

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

by Kristin Harlow

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.

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AcquisitionsMassachusettsMultifamilyNortheast

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

by Taylor Williams

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.

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LoansMassachusettsMultifamilySeniors Housing

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

by David Cohen

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.

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AcquisitionsMassachusettsMultifamily

CBRE Brokers $65M Sale of Apartment Community in Boston

by David Cohen

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.

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DevelopmentHospitalityMassachusettsNortheastTop Stories

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

by Taylor Williams

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 …

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