Massachusetts

Amazon to Expand Boston Tech Hub With 430,000 SF at Seaport Project

by David Cohen May 2, 2018

BOSTON — Amazon has announced plans to expand its Boston Tech Hub with a 430,000-square-foot office lease at WS Development’s Seaport project. Amazon plans to open a new office inside the 7.6 million-square-foot Seaport development in 2021. Boston’s Seaport district has been transformed in recent decades into a technology center. Amazon’s teams based in the Boston metropolitan area primarily focus on Alexa, Amazon Web Services, and Audible. The expansion is expected to create an additional 2,000 technology jobs in fields including machine learning, speech science, cloud computing and robotics engineering. To date, the company has created around 3,500 jobs in Massachusetts.

May 2, 2018

Acquisitions Loans Massachusetts Multifamily Northeast

Fantini & Gorga Arranges $1.2M in Acquisition Financing for Multifamily Property in Suburban Boston

by Jeff Shaw April 30, 2018

MALDEN, MASS. — Fantini & Gorga has arranged $1.2 million in financing for the acquisition of a multifamily property at 21-23 Myrtle St. in Malden, about five miles north of Boston. The property is a 12-unit apartment building made up of one- and two-bedroom units. At the time of sale, the property was fully occupied with under market leases. Derek Coulombe and Jon Garcia of Fantini & Gorga arranged the loan for the undisclosed borrower. The lender was not disclosed. The property is located in close proximity to the Malden Metro Boston Transit Authority station, which allows for direct access to downtown Boston on the Orange Line.

April 30, 2018

Acquisitions Massachusetts Multifamily Northeast Office

Forest City Realty, Madison International Acquire Five Properties in University Park at MIT for $302M

by Amy Works April 27, 2018

CAMBRIDGE, MASS. – Forest City Realty Trust, in a joint venture with Madison International Realty, has closed on the acquisition of the interest of Forest City’s partner in five assets at University Park at MIT in Cambridge. The transaction values the undisclosed partner’s share of the assets at a total of $302 million, including assumption of debt. The assets include three office buildings: 300 Massachusetts Ave., 350 Massachusetts Ave. and 38 Sidney St., comprising a total of 486,000 square feet of life science office space; a 975-space parking facility; and the commercial space adjoining the Le Meridian Cambridge-MIT hotel. Forest City is the 100-percent owner of seven other life science office buildings and four multifamily communities that are also part of the University Park at MIT campus.

April 27, 2018

Acquisitions Massachusetts Northeast Office

Invesco Real Estate Acquires Life Science Campus in Cambridge

by Amy Works April 24, 2018

CAMBRIDGE, MASS. – Invesco Real Estate, on behalf of an institutional client, has acquired the Quad, a life science campus located in Cambridge. The Davis Cos. sold the property for an undisclosed price. Totaling 199,487 square feet, the campus comprises four buildings: 75 Moulton St., 10 Wilson Ave., 40 Smith Place and 75 Smith Place. The Davis Cos. will continue to manage the asset and oversee its redevelopment. Coleman Benedict, Christopher Phaneuf, Ben Sayles and Kerry Hawkins of HFF represented the seller and procured the buyer in the deal.

April 24, 2018

Acquisitions Loans Massachusetts Northeast Office

HFF Closes $11M Sale and $7.1M Financing of Office Property in Suburban Boston

by David Cohen April 20, 2018

CONCORD, MASS. — HFF has arranged the $11 million sale and $7.1 million financing of a 104,527-square-foot office property in Concord, about 20 miles northwest of Boston. HFF represented the undisclosed seller and arranged a five-year, fixed-rate acquisition loan through East Boston Savings Bank for the buyer, Azad Legacy Partners. Located at 696 Virginia Road, the property was originally constructed in 1962 and expanded in 1977. In 1997, it was completely rebuilt. The asset consists of two interconnected buildings on 28 acres of land. At the time of sale, the asset was 100 percent leased to the U.S. General Services Administration and is home to the New England District of the Army Corps of Engineers.

April 20, 2018

Acquisitions Massachusetts Northeast Office

Colliers Brokers $23M Sale of Two Office Buildings in Downtown Boston

by David Cohen April 19, 2018

BOSTON — Colliers Boston has brokered the sale of two vacant office properties in downtown Boston for $23 million. Hemisphere Development purchased the two buildings, located at 13-21 Congress St. and 27-29 Stuart St., with the intent of redeveloping the properties. Colliers represented the seller, Thibeault Properties, in the transaction and also arranged $21.5 million in acquisition and pre-development financing for the buyer through Knighthead Funding LLC. Thibeault Development added approximately $6.3 million in value to the two assets during its ownership. The 13-21 Congress Street building spans 54,450 square feet and is located in Boston’s Financial District, and 27-29 Stuart Street is a 10,540-square-foot property in Boston’s Theater District.

April 19, 2018

Affordable Housing Loans Massachusetts Multifamily Northeast

MassHousing Provides $28.8M in Financing for Creation of Affordable Housing Community Near Boston

by David Cohen April 18, 2018

LAWRENCE, MASS. — MassHousing has provided $28.8 million in financing to Reed Realty Advisors for the creation of a 180-unit affordable housing community in Lawrence, about 30 miles north of Boston. Reed Realty will redevelop a section of the former Pacific Mills cotton complex into new mixed-income housing that will include 40 workforce housing units for moderate-income households. The project will be called Pac 10 Lofts. MassHousing provided a $14 million tax-exempt permanent loan, a $1 million taxable permanent loan, an $8.8 million tax credit equity bridge loan and $5 million from MassHousing’s $100 million Workforce Housing Initiative. The transaction also involved $1.8 million from an allocation of state historic tax credits, a $3.6 million seller note, a $2.5 million deferred developer fee and $210,000 in financing from the City of Lawrence.

April 18, 2018

Development Massachusetts Northeast

Nordblom to Redevelop 695,000 SF Former Boston Globe Building as Tech Hub

by David Cohen April 17, 2018

BOSTON — Boston-area developer Nordblom Co. has received approval from the Boston Planning and Development Agency for an urban innovation campus at the former Boston Globe buildingin Dorchester. The 695,000-square-foot vacant property will undergo a total renovation with an eye on attracting office tenants working in sectors that are moving the Boston economy forward, including technology, life sciences and advanced manufacturing. The development will be renamed “The BEAT” — The Boston Exchange for Accelerated Technology. In addition to office space, the development will feature a fitness center and food hall. The building was constructed in 1958 and expanded several times throughout the years. In 2017, the newspaper sold the building and moved its newsroom and business operations to downtown Boston.

April 17, 2018

Acquisitions Loans Massachusetts Northeast

Fantini & Gorga Arranges $1.4M Apartment Acquisition Loan in Suburban Boston

by David Cohen April 17, 2018

ABINGTON, MASS. — Fantini & Gorga has arranged a $1.4 million loan for the acquisition of a multifamily property in Abington, 20 miles south of Boston. Located at 387 Adams St., the 12-unit apartment building is made up of one- and two-bedroom apartments. The community is located near the Massachusetts Bay Transportation Authority’s Abington commuter rail station that provides service to and from downtown Boston. Derek Coulombe and Jon Garcia of Fantini & Gorga arranged the financing on behalf of the buyer.

April 17, 2018

Loans Massachusetts Northeast Office

Cornerstone Realty Arranges $8.5M Loan for Office Building in Boston

by David Cohen April 12, 2018

BOSTON — Cornerstone Realty Capital has arranged an $8.5 million loan for the refinancing of a mid-rise office building in Boston near transit hub South Station. The borrower, a long-time owner of the property was not disclosed. The lender was a local savings bank. Cornerstone delivered a non-recourse, fixed-rate loan with a two-year interest-only period followed by a 30-year amortization. The brick building was built in 1899 and fully renovated in 2013. It contains approximately 36,500 of rentable square feet with offices ranging in size from 1,000 square feet to 4,700 square feet. Tenants include a number of technology companies and an art design firm.

April 12, 2018

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