BOSTON — IBA, Inquilinos Boricuas en Acción, has secured a $53 million permanent loan from Massachusetts Housing Finance Agency (MassHousing) to renovate Villa Victoria’s Viviendas Apartments, an affordable housing property located in Boston’s South End neighborhood. Renovations will include extensive structural and cosmetic improvements, upgrading the exterior and interior to preserve building quality and enhance tenants’ residential experience. Upgrades will include replacing the asphalt roof with 30-year architectural shingles, improvements to pre-existing draining structures and updating the property’s façade with fresh stucco and paint. Originally built in the 1960s by IBA, Viviendas Apartments is one of four properties that make up Villa Victoria, a 435-unit affordable housing community that promotes wellness, active living, public safety, cultural expression and socioeconomic mobility through a specialized range of residential services.
METHUEN, MASS. — CBRE/New England’s Capital Markets team has arranged the sale of Colonial Village, an apartment community located in Methuen. An affiliate of Newton, Mass.-based Sawyer Realty Holdings acquired the 148-unit property from Colonial Methuen Associates for $23.3 million. The property features six three-story garden-style apartment buildings, a townhouse building and clubhouse. The unit mix comprises 77 one-bedroom, 67 two-bedroom and four two-bedroom townhome units with an average unit size of 816 square feet. Simon Butler and Biria St. John of CBRE/NE represented the seller and procured the buyer in the transaction.
QUINCY, MASS. — NKF has brokered the sale of Heritage Point, an office building in Quincy. Grander Capital Partners and North Colony Asset Management acquired the property from Campanelli for $28.3 million. At the time of sale, the 160,912-square-foot Class A office building was 85 percent occupied. On-site amenities include a fitness center, conference areas and a full-service café with an exterior deck featuring water views. The asset is one of three buildings within Heritage Landing, which was originally acquired by the joint venture of Campanelli and Dallas-based Trigate Capital in 2013 and 2014. Robert Griffin, Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell, Michael Frisoli and Tyler McGrail of NKF represented the seller in the deal.
NATICK AND SOMERVILLE, MASS. — HFF has arranged refinancing for a three-property hotel portfolio in the Boston suburbs of Natick and Somerville. Distinctive Hospitality Group received the 10-year, fixed-rate loan, which was provided by Bank of America’s CMBS Group. The portfolio comprises the 251-room VERVE-Crowne Plaza Boston-Natick and the 188-room Hampton Inn Boston-Natick in Natick as well as the 184-room Holiday Inn Boston Bunker Hill Area in Somerville. Located at 1360 Worcester St., VERVE-Crowne Plaza Boston-Natick underwent a renovation in 2012 and features a fitness center, a business center, 17,000 square feet of event space and a full-service restaurant. Hampton Inn Boston-Natick, located at 318 Speen St., was completed in 1976 and renovated in 2008. The hotel features a fitness center, a business center, 12,000 square feet of meeting space and a restaurant. Located at 30 Washington St. in Somerville, Holiday Inn Boston Bunker Hill Area was most recently renovated in 2013 and features a fitness center, a basketball court, an indoor pool, a business center, 9,700 square feet of meeting and event space, and a restaurant and lounge. Mark Remington, Alan Suzuki and Evan Parker of HFF secured the financing for the borrower.
BELLINGHAM, MASS. — Campanelli and Clarion Partners have broken ground for The Campanelli Business Park of Bellingham, a Class A speculative industrial project located in Bellingham. Situated on 90 acres, the two-building park will feature 427,500 square feet of industrial space. Slated for completion in August 2018, Building I will feature 127,500 square feet and Building II will feature 300,000 square feet. The partnership acquired the land parcel from Welltower, an Ohio-based healthcare REIT. Andrew Sacher of AIS CRE represented the seller in the acquisition. Richard Schuhwerk and Edward Jarosz of JLL have been retained as exclusive leasing agents for the speculative warehouses. Campanelli Construction is building the two warehouses simultaneously.
BURLINGTON, MASS. — HFF has arranged $205 million in financing for The District Burlington, a more than 1 million-square-foot mixed-use development in Burlington. Fred Wittman, Greg LaBine and Robyn King of HFF secured the seven-year, fixed-rate permanent loan through a major institutional life insurance company for the borrower, affiliates of Charles River Realty Investors, National Development and AEW Capital Management. Recently repositioned and rebranded, the property includes a 30,000-square-foot retail cluster anchored by Island Creek Oyster Bar, Tuscan Kitchen and Market and TD Bank; a 350-space parking garage; a Residence Inn by Marriott; an 8,000-square-foot fitness center and OMMMSpace, a yoga and meditation studio. The District Burlington is 85 percent leased to a roster of more than 40 regional, national and global tenants, including BAE Systems, Black Duck Software, Charles River Development (no affiliation with Charles River Realty Investors) and Decision Resources.
MEDFORD, MASS. — HFF has arranged a $15 million construction take-out, permanent financing for Sphere, a multifamily building located at 640 Boston Ave. in Medford. Dark Horse Capital Partners is the borrower. Martha Nay, Adam Dunn and Sam Campbell of HFF secured the seven-year, fixed-rate loan through HarborOne Bank for the borrower. Delivered in July, Sphere features 22 one-bedroom units and 20 two-bedroom units with nine different floorplans.
BOSTON — The Davis Cos. is developing Telford 180, a condominium building located at the corner of Soldiers Field Road and Telford Street in the Allston neighborhood of Boston. Slated to open this fall, the six-story building features 85 residences in a mix of studio, one-, two- and three-bedroom layouts, including six affordable, family-sized units targeted for first-time home buyers. On-site amenities include an 84-space underground parking garage, a fitness center, a clubhouse with private courtyard, a dog washing station, private conference rooms, a biking garage and a rowing room. Designed by CUBE 3 Studio, the property features 17 unique floor plans that each include a washer and dryer and modern kitchen designs. The opening of the property will mark the completion of the Charlesview Apartments development, a multi-phase project that commenced in 2011 with the construction of 280 mixed-income and affordable units in the Charlesview Residences located adjacent to Telford 180. The Davis Cos. celebrated the project with an official ribbon cutting on Monday, Oct. 2.
BURLINGTON, MASS. — NKF has arranged the sale of The Shops at Mall Road in Burlington. A private equity fund managed by Crow Holdings Capital Partners acquired the 31,623-square-foot shopping center for an undisclosed price. Current tenants at the fully occupied property include Duluth Trading Co., Catherines, Cycl3, Orangetheory Fitness, Wendy’s and Supercuts. Geoffrey Millerd, Justin Smith, Paul Penman and Christopher Peterson of NKF represented the seller, RJ Kelly, in the transaction.
FITCHBURG, MASS. — WinnCompanies has completed a $24.5 million transformation of a 112-year-old yarn mill into a mixed-income multifamily property in Fitchburg. Situated on 7.4 acres along the Nashua River, the three-story, 190,000-square-foot Yarn Works Apartments features 96 residential rental units. The property features a current tenancy mix of 30 percent market renters, 30 percent middle income/workforce earners and 40 percent for residents earning 60 percent or below the area median income. The Architectural Team served as architect, while Colantonia Inc. served as general contractor. WinnResidential manages the property.