Massachusetts

RLJ Lodging Sells 383-Room Hotel in Boston for $170M

by Taylor Williams December 18, 2017

BOSTON — RLJ Lodging Trust (NYSE: RLJ) has sold Fairmont Copley Plaza, a 383-room hotel located in the Back Bay area of Boston, for $170 million, or approximately $444,000 per room. Maryland-based RLJ, which merged with Texas-based FelCor Lodging Trust Inc. in September, intends to use the proceeds from the sale to cover general corporate expenses, with an emphasis on paying down debt. The sales price represents a capitalization rate of roughly 4.6 percent on the hotel’s projected net operating income (NOI) for 2017. The buyer of Fairmont Copley Plaza was not disclosed. The hotel, which is situated within walking distance of Boston Common as well as a variety of shopping and dining destinations on nearby Newbury Street, opened in 1912. Amenities for guests include laundry services, safety deposit boxes, a 3,000-square-foot rooftop health club and on-site restaurant OAK Long Bar + Kitchen. The property also features 23,000 square feet of meeting and conference space. “The disposition of this asset is consistent with our objectives of selling non-core assets and unlocking shareholder value,” says Ross Bierkan, president and CEO of RLJ. Following the sale of Fairmont Copley Plaza, RLJ’s hospitality portfolio consists of 157 hotels totaling 30,800 rooms across 26 states …

December 18, 2017

Massachusetts Multifamily Northeast Seniors Housing

Benchmark Selects Erland Construction to Build 50-Unit Memory Care Community Near Boston

by Amy Works December 15, 2017

NEWTON, MASS. — Benchmark Senior Living has selected Erland Construction to manage the construction of a 50-unit memory care community in the Boston suburb of Newton. The project will be located on the former campus of Andover Newton Theological Seminary in Newton Centre. Plans include construction of a 34,683-square-foot building, as well as renovations to an existing five-story building on the site. Combined, the project will total 54,597 square feet. Bechtel Frank Erickson designed the community. Waltham, Mass.-based Benchmark’s portfolio totals 56 communities in seven states.

December 15, 2017

Hospitality Loans Massachusetts Northeast

Fantini & Gorga Arranges $5M Loan for Hotel Property in New Bedford, Massachusetts

by Amy Works December 15, 2017

NEW BEDFORD, MASS. — Fantini & Gorga has arranged a $5 million loan for the acquisition and redevelopment of a property located at 222 Union St. in New Bedford. The undisclosed borrower is converting the property from office and retail space into a 46,600-square-foot boutique hotel. The new 68-room hotel will be a brand of Ascent Hotel Collection. Keith Wentzel and Despina Hixon of Fantini & Gorga arranged the financing through a New England regional bank.

December 15, 2017

Industrial Massachusetts Northeast

Calare Properties Sells 119,000 SF Industrial Building in Stoughton, Massachusetts

by Amy Works December 13, 2017

STOUGHTON, MASS. — Calare Properties has completed the disposition of an industrial property, located at 301 Page St. in Stoughton. An undisclosed buyer acquired the 119,000-square-foot property for $12 million. The property was built in 2004 as the corporate headquarters, retail and distribution space for long-term tenant Boston Interiors, a regional furniture brand. Situated on more than 17 acres, the property features 36-foot ceilings, 10,000 square feet of office space, 9,000 square feet of showroom and 100,000 square feet of high-bay warehouse space. Additionally, the fully heated and climate-controlled property features 16 dock-high doors, two trash dock doors and 113 surface-level parking spaces.

December 13, 2017

Hospitality Loans Massachusetts Northeast

Colliers Arranges $53M in Joint Venture Equity Financing for Dual-Branded Hotel in Woburn, Massachusetts

by Amy Works December 8, 2017

WOBURN, MASS. — Colliers International-Boston has arranged $53 million in joint venture equity financing for the construction of a dual-branded Hilton Hotel at 369 Washington St. in Woburn. Thomas Welch, Adam Coppola, John Poole, Tonia Jenkins and Richard Lillis of Colliers arranged the joint venture equity for owner Boston-based Madison Properties. Whitman Peterson is the equity investor and Concord Hospitality Enterprises Cos. is the developer/operator partner for the project. Since acquiring the now remediated site, Madison Properties has received entitlements for the hotel and three retail pad sites, already leased to Red Robin and Chick-fil-A, which is slated to open in 2018. The developer will break ground for the dual-branded Homewood Suites and Hampton Inn & Suites this month.

December 8, 2017

Massachusetts Mixed-Use Northeast Top Stories

Intercontinental Real Estate Corp. Acquires Mixed-Use Building in Cambridge’s Harvard Square

by Kristin Harlow December 8, 2017

CAMBRIDGE, MASS. — Intercontinental Real Estate Corp. has acquired 1280 Massachusetts Ave. in Cambridge for an undisclosed price. Located in Harvard Square, the 43,120-square-foot mixed-use building features 33,828 square feet of office space and 8,540 square feet of retail space. The seller, Boston Residential Group, developed the property in 1985. Current office tenants include Harvard University, Equity Resources Investments and Mark of the Unicorn. Retail tenants include Tatte Bakery and Café, Qdoba Mexican Eats and SEE Inc. Symmes Maini & Mckee Associates (SMMA) designed the brick and steel building, which is located at the edge of Harvard Yard at Harvard University and near the MBTA’s Red Line Harvard Square Station. Boston-based Intercontinental Real Estate Corp. is an investment adviser that manages a real estate portfolio of approximately $6 billion for its clients. Boston Residential Group is a residential developer based in Boston. — Kristin Hiller

December 8, 2017

Industrial Loans Massachusetts Northeast

Transwestern Consulting Group Arranges Two Loans Totaling $22.8M for Warehouses in Massachusetts

by Amy Works December 6, 2017

CLINTON AND MEDFORD, MASS. — Transwestern Consulting Group has arranged two loans totaling $22.8 million for NorthBridge Partners. The loans will finance the acquisition and future leasing costs for two warehouses in Massachusetts. Transwestern secured a long-term, non-recourse $13.9 million loan for 100 Adams Road, a warehouse in Clinton, through Middlesex Savings Bank. The 345,000-square-foot building is fully occupied by five tenants. Completed in 2000, the property features 30-foot clear ceiling heights, 53 loading docks and one drive-in door. Transwestern also arranged a long-term, non-recourse $8.9 million loan for 23 Sycamore Ave. in Medford through HarborOne Bank. The warehouse features 91,000 square feet of high-bay warehouse space.

December 6, 2017

Loans Massachusetts Multifamily Northeast

Colliers Secures Joint Venture Equity, Construction Financing for Apartment Project in Everett, Massachusetts

by Amy Works December 4, 2017

EVERETT, MASS. — Colliers International has arranged joint venture equity and construction financing for the development of The Pioneer, a transit-oriented apartment community situated on 2.7 acres at 1760 Revere Beach Parkway in Everett. Colliers worked on behalf of the developer, Post Road Residential, to arrange a joint-venture partnership with Boston-based CrossHarbor Capital Partners. Jeff Black and Kevin Phelan of Colliers also secured $57.4 million in construction financing through TD Bank and People’s United Bank. Construction on The Pioneer has already begun, with delivery of the first units slated for fall 2018. The six-story building will feature 286 market-rate units with 425 parking spaces and 2,500 square feet of retail space. On-site amenities will include a dual-use coffee shop and leasing office; bicycle parking and repair space; Maker Space workspaces; two-level fitness center with Peloton Cycle spin studio; golf simulator; resident lounge with a rotating draft beer program; courtyard with a heated pool; and rooftop lounge.

December 4, 2017

Loans Massachusetts Northeast Retail

Fantini & Gorga Arranges $4.6M Acquisition Financing for Retail Property in Peabody, Massachusetts

by Amy Works December 4, 2017

PEABODY, MASS. — Boston-based Fantini & Gorga has secured $4.6 million in first mortgage acquisition financing for a retail property located at 216 Newbury St. in Peabody. Casimir Groblewski and Jon Garcia of Fantini & Gorga arranged the financing through a New England-based financial institution on behalf of a longtime client based in Eastern Massachusetts. Namco, Workout World, Mass Bay Hockey Center and Revival For All Nations Church occupy the 68,381-square-foot shopping center, which is situated on 6.2 acres. The new owner plans to remodel the exterior of the property and reconfigure the parking areas.

December 4, 2017

District of Columbia Illinois Maryland Massachusetts Midwest Multifamily Northeast Pennsylvania Southeast Top Stories

Harbor Group Affiliate Acquires 9,677-Unit Multifamily Portfolio for $1.8B

by Taylor Williams December 4, 2017

NORFOLK, VA. — An affiliate of Harbor Group International (HGI) has acquired a portfolio of 25 multifamily properties totaling 9,677 units across five major metropolitan areas for $1.8 billion. The sellers were affiliates of Lone Star Funds. The transaction, which closed on Nov. 30, is HGI’s largest to date and increases the value of its investment portfolio from approximately $5.2 billion to $7.1 billion. The properties, which boast a collective occupancy rate of 95 percent, are located in the metro areas of Baltimore, Boston, Chicago, Philadelphia and Washington, D.C. HGI plans to invest roughly $80 million in capital improvements to the unit interiors and communal amenities of the properties. Berkadia and New York-based Meridian Capital Group secured approximately $1.4 billion in acquisition financing for the deal. Berkadia secured roughly $927 million in fixed- and floating-rate debt through Freddie Mac, while Meridian Capital secured approximately $512 million in fixed-rate debt through New York Community Bank. Among the portion of the financing arranged by Berkadia, 11 of the properties totaling $789 million were financed at a fixed interest rate. The remaining five assets totaling $138 million were financed with a floating-rate vehicle. Laura Cathlina and Sharon Plattner of Berkadia led the loan …

December 4, 2017

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