Massachusetts

Hood Park LLC Breaks Ground on 177-Unit Residential Project in Boston Suburb

by Amy Works October 19, 2017

CHARLESTOWN, MASS. — Hood Park LLC has broken ground for 480 Rutherford Avenue, a multifamily project located in Charlestown, a suburb of Boston. The development is the first residential project at Hood Park, a 20-acre development permitted for more than 1.1 million square feet located at the former H.P. Hood Plant. The 177-unit multifamily development will feature a mix of studio, one- and two-bedroom units, including 23 affordable units. On-site amenities will include garage parking, bike storage, a resident lounge, a community kitchen, fitness/yoga studio, dog amenities, an outdoor courtyard with city views, 24/7 security and 10,500 square feet of retail amenity space. The project team includes Lee Kennedy Co. as construction manager, CBT as architect, Colliers International as project manager and Bozzuto Management Co. as management and leasing representative. Over the course of the next two years, the project will create approximately 250 construction jobs and another 40 permanent jobs once open. The entire development of Hood Park is scheduled for completion in late 2019.

October 19, 2017

Loans Massachusetts Multifamily New York Northeast

Walker & Dunlop Arranges $29.4M in Financing for Two Multifamily Properties in Massachusetts, New York

by Amy Works October 18, 2017

PLYMOUTH, MASS., AND HUDSON, N.Y. — Walker & Dunlop has closed $29.4 million in financing for Copper Cove Valley and The Falls, two unaffiliated multifamily projects located in Plymouth and Hudson, respectively. The two loans were closed by Walker & Dunlop Commercial Property Funding. The company refinanced the existing construction loans in addition to 100 percent of the remaining construction costs needed to complete the projects. Copper Cove Village and The Falls each have less than 80 percent of construction completed and needed rescue capital to finish the projects. Geoff Smith, Kimberly Riordan and Randy Efron of Walker & Dunlop arranged the financing for the undisclosed borrowers. Upon completion, Copper Cove Village will feature 42 apartments in a mix of one- and two-bedroom layouts, and The Falls will offer 116 apartments in a mix of one-, two- and three-bedroom units.

October 18, 2017

Massachusetts Northeast Retail

Marcus & Millichap Arranges $3.9M Sale of Retail Property in Dover, Massachusetts

by Amy Works October 17, 2017

DOVER, MASS. — Marcus & Millichap has brokered the sale of Dover Market Plaza, a retail property located at 14-16 Springdale Ave. in Dover. An undisclosed buyer acquired the property from a limited liability company for $3.9 million. Tenants at the 10,000-square-foot property include a liquor store, banking services and the Dover Market, a boutique supermarket and deli. Laurie Ann Drinkwater, Seth Richard, Andrew Gilbert and Casey Valente of Marcus & Millichap represented the seller in the transaction.

October 17, 2017

Massachusetts Multifamily Northeast Seniors Housing

Capitol Seniors Housing to Develop $36.5M Seniors Housing Community in Andover, Massachusetts

by Amy Works October 16, 2017

ANDOVER, MASS. — Capitol Seniors Housing is developing Stonehill of Andover, an assisted living and memory care seniors housing community in Andover. Located at 141 Elm St., the $36.5 million community will feature 96 units. Operated by The Northbridge Cos., the 81,500-square-foot community will feature a bistro, activity room, fitness room, theater, salon and courtyard. Construction will begin on the property later this month, with an opening scheduled for the fourth quarter of 2018.

October 16, 2017

The-Center-Corporate-Drive-Burlington-MA

Massachusetts Northeast Office

Spear Street Capital Acquires 487,000 SF Office Campus in Burlington, Massachusetts

by Amy Works October 13, 2017

BURLINGTON, MASS. — Spear Street Capital has purchased The Center at Corporate Drive, a four-building office campus located at 10, 25, 30 and 35 Corporate Drive in Burlington. The Davis Companies, in a joint venture with Principal Real Estate Investors, sold the 487,000-square-foot campus for an undisclosed price. At the time of sale, the property was 94 percent leased. The sellers originally purchased the property in September and implemented a $8 million capital improvement plan at the property. Along with architectural firm CBT, the joint venture renovated the park into a Class A office campus featuring a state-of-the-arts amenities hub and extensive outdoor green space and patio area. On-site amenities include a 7,850-square-foot cafeteria with flexible conference space; a 2,100-square-foot fitness center with yoga room, new showers and locker facilities; and a 4,500-square-foot outdoor patio with green space and numerous collaboration areas with Wi-Fi connectivity.

October 13, 2017

Massachusetts Multifamily Northeast

CBRE/NE Negotiates the Sale of 162-Unit Apartment Community in Hull, Massachusetts

by Amy Works October 13, 2017

HULL, MASS. — CBRE/New England’s Capital Markets team has arranged the sale of The Estates, an apartment community located in Hull. Invesco Real Estate purchased the 162-unit property from Barings Real Estate Advisers, part of Barings LLC, acting on behalf of an institutional investor, for an undisclosed price. Simon Butler and Biria St. John of CBRE/NE represented the seller and procured the buyer in the transaction. Built in 2000, the property comprises 20 two- and three-story direct-access buildings, as well as a freestanding clubhouse and separate fitness center and outdoor pool. The community features 32 one-bedroom units, 34 two-bedroom lofts, eight two-bedroom/one-bath units, 40 two-bedroom units and 48 two-bedroom lofts with an average size of 1,116 square feet.

October 13, 2017

Loans Massachusetts Multifamily Northeast

IBA Secures $53M in MassHousing Financing to Renovate 181-Unit Apartment Building in Boston

by Amy Works October 12, 2017

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.

October 12, 2017

Massachusetts Multifamily Northeast

CBRE/NE Brokers $23.3M Sale of 148-Unit Multifamily Property in Methuen, Massachusetts

by Amy Works October 12, 2017

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.

October 12, 2017

Massachusetts Northeast Office

NKF Negotiates $28.3M Sale of 160,912 SF Office Building in Quincy, Massachusetts

by Amy Works October 11, 2017

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.

October 11, 2017

Holiday-Inn-Boston-Bunker-Hill-Area-Somerville-MA

Hospitality Loans Massachusetts Northeast

HFF Secures Refinancing for 623-Room Hotel Portfolio in Boston Suburbs

by Amy Works October 10, 2017

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.

October 10, 2017

Newer Posts

Older Posts