Massachusetts

Lancaster Pollard Completes $11.9M Refinancing for 54-Unit Skilled Nursing Facility in Massachusetts

by Amy Works March 8, 2018

PITTSFIELD, MASS. – Lancaster Pollard has arranged an $11.9 million HUD refinancing for Berkshire Place, a 54-unit skilled nursing facility in the western Massachusetts city of Pittsfield. The borrower is Berkshire Retirement Home, a nonprofit owner-operator. Berkshire Place was constructed as a replacement facility for Berkshire Retirement Home’s original property in 2014, using conventional bank financing with a floating interest rate. Three years after opening, ownership sought to refinance that existing bank debt using fixed-rate HUD financing. Aaron Becker led the transaction for Lancaster Pollard.

March 8, 2018

Market Reports Massachusetts Northeast Northeast Market Reports Office

The Boston Office Market Keeps On Marching

by Taylor Williams March 7, 2018

Simply put, Boston is — and will continue to be — a top destination for tenants and capital alike. With strong market fundamentals and key drivers (education, finance, healthcare, life sciences and technology), 2018 is likely to be another terrific year for the commercial real estate sector. Market Metrics Boston’s urban core comprises four major submarkets: Downtown, Back Bay, Seaport and Cambridge. Together, these submarkets total more than 96.1 million square feet of office and lab space. This sector of the market features a vacancy rate of approximately 8.8 percent, positive net absorption of more than 300,000 square feet in 2017, and rental rates that are on the rise. Boston’s urban office market is largely driven by the region’s high concentration of educational institutions, financial and professional services, healthcare, life sciences and, perhaps most important, technology. These industries excel in the Boston area due to its high concentration of knowledge workers and its spirit of innovation and entrepreneurship. Tenant In-Migration The biggest trend impacting Boston recently has been the large-scale relocations of tenants into the urban core — both from within and outside of the market. This is a trend that shows little signs of slowing down. • GE — …

March 7, 2018

Massachusetts Northeast Office

NKF Orchestrates $53.1M Sale of Office Building in Metro Boston

by Amy Works March 6, 2018

WESTWOOD, MASS. — NKF Capital Markets has arranged the sale of an office asset located at 101 Station Drive in Westwood. National Development and Charles River Realty Investors sold the property to AEW Capital Management, on behalf of one of its institutional separate account clients, for $53.1 million. At the time of sale, the 208,134-square-foot property was fully occupied by eight tenants, including General Dynamics, Mott MacDonald, The Predictive Index, Boston Children’s Hospital and Honeywell. On-site amenities at the office property include a café, a fitness center, an outdoor fireplace/lounge, a bicycle rental station and a shuttle service to nearby shops, restaurants and an MBTA/Amtrak train station. Robert Griffin, Edward Maher, Matthew Pulled, James Tribble, Samantha Hallowell, Michael Frisoli and Peter Whoriskey of NKF represented the seller in the transaction.

March 6, 2018

Massachusetts Multifamily Northeast

Samuels & Associates Opens Residential Tower in Boston

by Amy Works March 5, 2018

BOSTON — Samuels & Associates, in partnership with Landsea, has announced the grand opening of Pierce Boston, a residential tower located at the intersection of Brookline Avenue and Boylston Street in Boston’s Fenway-Kenmore neighborhood. Designed by Arquitectonica, the 30-story tower features 190 condominium units, 240 apartment units and more than 20,000 square feet of street-level dining and retail space. Amenities at the tower include The Levity Lounge, a top-floor lounge with sky top pool, seating areas, a private dining room and a library; a 24/7 doorman and concierge service; a fitness room with yoga studio; parking and private sky cabanas for purchase.

March 5, 2018

Massachusetts Multifamily Northeast

CBRE/NE Negotiates $11.8M Sale of Apartment Building in Cambridge, Massachusetts

by Amy Works March 1, 2018

CAMBRIDGE, MASS. — CBRE/New England has arranged the sale of 14 Centre Street, an apartment building located between Central and Harvard squares in Cambridge. Cambridge Centre LLC, an affiliate of Chestnut Hill Realty, sold the property for $11.8 million. Built in 1910, the four-story building features nine one-bedroom units and eight two-bedroom apartments with an average unit size of 1,159 square feet. Simon Butler and Biria St. John of CBRE/NE represented the seller and procured the undisclosed buyer in the transaction.

March 1, 2018

Industrial Massachusetts Northeast

NAI Hunneman Brokers $2.6M Sale of Industrial Building in Brockton, Massachusetts

by Amy Works March 1, 2018

BROCKTON, MASS. — NAI Hunneman has arranged the sale of an industrial building located at 120 N. Main St. in Brockton. Brockton & Main LLC acquired the property for $2.6 million. The buyer plans to convert the property into a 75,000-square-foot fully climate-controlled self-storage facility. Over Osvold, Cathy Minnerly and Sean Hannigan of NAI Hunneman represented the seller, Micro Wire Products, and procured the buyer in the transaction. Additionally, the NAI Hunneman team represented Micro Wire in its relocation to an 18,000-square-foot sublease at 5 Year Road in Holbrook, Massachusetts.

March 1, 2018

Market Reports Massachusetts Northeast Northeast Market Reports Retail

Evolution of Seaport District as a Retail Hotspot, Other Trends to Watch

by Taylor Williams February 28, 2018

From new mixed-use developments popping up in the skyline to the increase of small-format stores, 2017 saw robust growth in downtown Boston’s retail landscape. Specifically, stabilizing rental rates have led to an uptick in retail leasing activity, showing the strength of both traditional retail destinations such as Newbury Street, as well as new mixed-use developments like One Seaport Square. While the downtown retail market is poised to remain stable, 2018 will welcome new trends fueled by e-commerce and omnichannel retailers, new leasing models, shifting consumer shopping behaviors and the ongoing challenge to accommodate millennials’ evolving preferences and expectations. The Seaport’s Emergence as a Retail Destination Historically, Back Bay has served as Boston’s premier neighborhood for retail with Newbury Street as its crown jewel and nearby Prudential Center, Copley Place and Boylston, all within a few minutes’ walking radius from the famous street. While Back Bay will continue to be a hotspot in 2018, Boston’s Seaport neighborhood is breaking out as a retail destination to watch as it transitions into one of Boston’s premier work-live-play destinations. Most recently, retailers Bluemercury, Mr. Sid, TravisMathew, Filson, L.L. Bean, and Lululemon are finding the value in meeting Boston’s young professionals where they work, live and …

February 28, 2018

Industrial Massachusetts Northeast

Colliers Negotiates $4.5M Sale of Flex Building in Hopkinton, Massachusetts

by Amy Works February 26, 2018

HOPKINTON, MASS. — Colliers International has brokered the sale of a flex building located at 35 South St. in Hopkinton. LakePharma, a U.S.-based biologics company, acquired the property from BCC Property I LLC, a subsidiary of Midway Corp., for $4.5 million. The buyer plans to repurpose much of the building’s existing 69,009 square feet of office, lab and manufacturing infrastructure and develop the space to allow for the performance of GMP biologics manufacturing for Phase 1 clinical trials. John Carroll III, Stephen Woelfel Jr. and Kevin Brawley of Colliers represented the seller, while Phil Desimone of JLL represented the buyer in the transaction.

February 26, 2018

Loans Massachusetts Northeast Office

New York Life Real Estate Investors Originates $42M Loan for Office Building in Boston’s Seaport District

by Amy Works February 15, 2018

BOSTON — New York Life Real Estate Investors has originated a $42 million loan for Tower Point, a 157,000-square-foot office building located in Boston’s Seaport District. The property is owned by an institutional fund represented by Bayerische Versorgungskammer. The fund’s investment manager is a German company, Universal-Investment, as advised by Northwood Investors LLC. The loan has a 10-year term. Mark Young of New York Life Real Estate negotiated the loan.

February 15, 2018

Affordable Housing Loans Massachusetts Multifamily Northeast

MassHousing Provides $10.6M in Financing for Affordable Housing Property in East Boston

by Amy Works February 15, 2018

BOSTON — MassHousing has provided $10.6 million in financing to East Boston Community Development Corp. for the acquisition, renovation and preservation of Landfall Community Associates properties totaling 111 units in East Boston. The transaction refinances and consolidates two existing affordable housing communities: the 15-unit Landfall Apartments and the 96-unit East Boston Rehab portfolio. In addition to rehabilitating the property and extending the affordability on the 111 units, the financing will resolve the expiring affordability restrictions from the Section 13A mortgage on the East Boston Rehab units. MassHousing provided a $5.7 million permanent loan, a $4.7 million bridge load and a capitalized 13A payment loan of $131,401, and the MassHousing financing generated $5.8 million in equity through federal Low Income Housing Tax Credits. The project team includes Knollmeyer Building Corp., Davis Square Architects and Metro Management.

February 15, 2018

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