BOSTON — NKF Capital Markets has negotiated the $39 million sale of a mixed-use property in the Somerville neighborhood of Boston. Located at 240 Elm St., the 46,276-square-foot property is currently fully leased to a tenant roster that includes urban grocery concept bfresh and office sharing concept Spaces. Geoffrey Millerd, Justin Smith, Paul Penman and Christian Brannelly of NKF Capital Markets brokered the transaction. The buyer and seller were undisclosed.
HAVERHILL, MASS. — Yannios RE Investment Sales has brokered the sale of Highland Maple Apartments, a 39-unit apartment community in Haverhill. Haverhill is located 35 miles north of Boston. Built in 1850, the masonry-style property includes two, three-story buildings. Yannios RE Investment Sales represented the seller, who was undisclosed. The buyer was also undisclosed.
ROSLINDALE, MASS. — Cornerstone Realty Capital has arranged a $4.4 million loan for the construction of Roslindale Village, a residential condominium development in the Boston suburb of Roslindale. The lender was undisclosed. The development, which is located at 32 Cummins Highway, will include nine condominiums. All units will feature granite countertops, custom cabinets, and stainless steel appliances as well as in-unit washers and dryers. Roslindale is located approximately eight miles south of Boston. Andrew Saccone of Cornerstone Realty Capital arranged a full-term, interest-only loan at a fixed rate for the undisclosed borrower.
BOSTON — TD Bank has provided a $10.2 million construction loan for The Clarion, a 39-unit unit, mixed-income residential development in the Roxbury neighborhood of Boston. The project will include 27 affordable housing units for low- or moderate-income working families earning between 30 percent and 60 percent of Boston’s area median income. The remaining 12 units will be workforce housing units reserved for middle-income families earning between 100 percent and 120 percent of the median income. The borrower, Community Builders Inc., is a non-profit real estate developer based in the Northeast. Construction on the project is slated for completion by the start of 2019.
BOSTON — CBRE Group has acquired CB Richard Ellis-N.E. Partners LP (CBRE/New England), a long-standing joint venture with Whittier Partners Group. The acquisition price was not disclosed. The CBRE/New England leadership team and professionals will join CBRE immediately with the CBRE/New England brand remaining through the end of the year. “We felt the timing was right for this transition to better serve our clients and our employees,” says Andy Hoar, president and co-managing partner at CBRE/New England. “Joining forces with CBRE and our new colleagues will ensure CBRE’s market leadership in the New England market for the foreseeable future.” CBRE/New England has seven offices throughout New England including Boston, Hartford, New Haven, Providence, Portsmouth, Manchester and Portland.
LYNN, MASS. — Cornerstone Realty Capital has secured the $6.4 million refinancing of a 55-unit apartment building in Lynn. Located at 16 Newhall St., the fully occupied building is approximately 11 miles north of Boston. Cornerstone secured a loan through a correspondent lender with an initial fixed-rate period followed by a floating rate. The first 12 months will feature interest-only payments, followed by 30-year amortization. The borrower was undisclosed.
WALTHAM, MASS. — NKF Capital Markets has brokered the $86 million sale of CenterPoint, a 440,000-square-foot office complex in Waltham. The property comprises two buildings, 41 Seyon St. and 43 Foundry Ave. Edward Maher, Matthew Pullen and Robert Griffin of NKF Capital Markets represented the seller, Rubenstein Partners, in the transaction. The buyer was Hilco Real Estate. Anchor tenants at the property include Repligen, EDC (Education Development Center) and Simpson Gumpertz & Heger.
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.
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.
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.
