Massachusetts

Rockpoint Group Sells 157,067 SF Office Building in Boston’s Seaport District

by Amy Works June 5, 2017

BOSTON — Rockpoint Group has completed the disposition of Tower Point, an office building located in the Upper Seaport District of Boston. Germany-based Universal-Investment and an institutional account managed by Northwood Investors acquired the 157,067-square-foot asset for an undisclosed price. The sellers rehabilitated the historic manufacturing facility into a first-class office building, which is 100 percent leased. Robert Griffin, Edward Maher, Matthew Pullen and James Tribble of NKF Capital Markets, along with Timothy Bianchi of Newmark Knight Frank, represented the seller in the transaction.

June 5, 2017

Loans Massachusetts Northeast Office

Blackstone Mortgage Trust Provides $135M Financing for Lab Facility Near Boston

by Haisten Willis June 1, 2017

WALTHAM, MASS. — Blackstone Mortgage Trust has provided $135 million in financing for 830 and 828 Winter St., an existing lab building and a planned lab facility in the Boston suburb of Waltham. HFF worked on behalf of the borrower, King Street Properties, in securing the financing through Blackstone. Loan proceeds will be used to refinance 830 Winter St., which spans 185,000 square feet, and to construct 828 Winter St. Completed in 2001, 828 Winter St. is home to tenants including Praecis Pharmaceuticals, ImmunoGen, GlaxoSmithKline and Histogenics Corp. The new property at 828 Winter St. will include 144,910 square feet across three stories along with a four-level parking garage. King Street broke ground on the project in October 2016 and is planning for a delivery date of July 2018. The HFF debt placement team representing the borrower included Greg LaBine and Porter Terry.

June 1, 2017

Massachusetts Mixed-Use Northeast Office Retail

OMA to Design Mixed-Use Project in Boston’s Seaport District

by Haisten Willis June 1, 2017

BOSTON — WS Development has hired architecture firm OMA to design a mixed-use project located at 88 Seaport Blvd. in Boston. The project, located in Boston’s Seaport District, is OMA’s first commission in the city of Boston. OMA’s Shohei Shigematsu will lead the design efforts at 88 Seaport, which upon completion will include nearly 425,000 square feet of office space, 60,000 square feet of retail on the first two floors and 5,000 square feet of civic/cultural use. Construction is slated to begin in 2018 and finish in 2020.

June 1, 2017

Massachusetts Mixed-Use Northeast Top Stories

HYM Purchases Racetrack Near Boston for $155M, Plans Mixed-Use Development Project

by John Nelson June 1, 2017

EAST BOSTON AND REVERE, MASS. — The HYM Investment Group LLC, a mixed-use developer based in Boston, has purchased Suffolk Downs, a 161-acre horse racetrack located in East Boston and Revere. Sterling Suffolk Racecourse LLC sold the asset in a sale-leaseback transaction to HYM’s affiliate, The McClellan Highway Development Co. LLC, for $155 million. The under-utilized horse racing facility will officially close after the summer of 2018, according to HYM. The Boston Globe reports that the racetrack is only planning on hosting six live races this season. HYM plans to redevelop Suffolk Downs into a transit-oriented, mixed-use project, including office, retail, housing and open space. HYM expects to develop street-level retail and housing in the redevelopment’s first phase. No timeline for construction was given. “In our dozens of preliminary meetings with elected officials and local community stakeholders in Revere and East Boston recently, we consistently heard that local residents want retail, restaurants and new job opportunities. This development will provide all, while also setting aside a significant amount of the site for open space and providing better connections to the neighborhood,” says Thomas O’Brien, founding partner and managing director of HYM Investment Group. “We are looking forward to engaging the …

June 1, 2017

Massachusetts Northeast Office

Jumbo Capital, Guggenheim Purchase 50 Congress Street in Boston for $79M

by Haisten Willis May 30, 2017

BOSTON — A joint venture arranged between Jumbo Capital Management and Guggenheim Real Estate has purchased 50 Congress St. in downtown Boston for $79 million. The office property spans 179,872 square feet and occupies an entire city block. HFF arranged the sale of the property on behalf of the seller, an affiliate of KBS Capital Advisors, and procured the buyer. Originally designed by architect Andrews, Jaques & Rantoul as the headquarters for State Mutual Life Insurance, the building was constructed in two phases between 1910 and 1915. Today, it is 90 percent leased to over 60 tenants and features first-floor retail. The tenant roster includes a mix of law firms, retail, private equity and financial services tenants. Coleman Benedict, Christopher Phaneuf and Ben Sayles led the HFF investment sales team representing the seller.

May 30, 2017

Loans Massachusetts Multifamily Northeast

MassHousing Provides $9.3M Financing for Multifamily Complex in Greater Boston

by Haisten Willis May 30, 2017

GARDNER, MASS. — MassHousing has provided $9.3 million in financing to an affiliate of the non-profit Retirement Housing Foundation (RHF) for the preservation and renovation of 134 affordable housing units at Binnall House in Gardner. Binnall House is home to senior citizens and residents with disabilities who will see the affordability of their units extended for at least 15 years. The Binnall House refinancing is one of the first nationally in which a Housing Finance Agency (HFA) has completed a transaction through the Federal Housing Administration’s Housing Tax Credit Pilot Program. The program allows borrowers to utilize federal low-income housing tax credits and an affordable fast-track mortgage product insured by the Federal Housing Administration (FHA). MassHousing refinanced Binnall House through the Agency’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture Initiative with lender partner Rockport Mortgage Corp. The Schochet Cos. provided development consulting and its affiliate, Federal Management Co., is the property manager for Binnall House.

May 30, 2017

Industrial Massachusetts Northeast

Novaya Real Estate Ventures Signs New Tenant at Industrial Property in Greater Boston

by Haisten Willis May 26, 2017

FRANKLIN, MASS. — Novaya Real Estate Ventures has signed a lease with defense contractor Qinetiq North America for 100 percent of the space at 130 Constitution Blvd. in Franklin. Novaya acquired the 59,970-square-foot industrial building in 2013 and launched a capital improvement program. Transwestern’s John Lashar represented Novaya and Bill Bailey of JLL represented Qinetiq North America in the transaction.

May 26, 2017

Massachusetts Northeast Office

King Street Breaks Ground on 145,000 SF Spec Office/Lab Building in Greater Boston

by Haisten Willis May 25, 2017

WALTHAM, MASS. — King Street Properties has broken ground on a 144,910-square-foot office and laboratory property at 828 Winter St. in Waltham, Mass. The speculative building is scheduled for completion in mid-2018. King Street Properties also owns 830 Winter St., a 100 percent leased, 185,000-square-foot building adjacent to the new development. When 828 Winter St. is complete, the two-building campus will encompass 330,000 square feet in total. On-campus amenities will include two cafeterias, a central courtyard, conference facilities, structured parking, bicycle storage and showers with changing facilities. HFF provided debt financing services for the construction of 828 Winter St. The project team includes architect Perkins+Will and general contractor BW Kennedy & Co.

May 25, 2017

Loans Massachusetts Northeast Retail

EagleBridge Capital Arranges $3.5M Financing for Retail Property in Milford, Massachusetts

by Haisten Willis May 25, 2017

MILFORD, MASS. — Ted Sidel and Brian Sheehan of EagleBridge Capital have arranged $3.5 million in permanent mortgage financing to refinance Milford South Plaza in Milford. A Massachusetts-based thrift institution was the lender. The property is a 44,270-square-foot retail plaza with 237 parking spaces on 5.1 acres. Milford South Plaza is located at 146 S. Main St. The plaza is 100 percent leased to four tenants including Big Lots, Dollar Tree, The Milford National Bank and Dunkinâ€™ Donuts. An affiliate of Summit Realty Partners manages the property.

May 25, 2017

Massachusetts Northeast Office

HFF Secures $8.9M Sale of Newmarket Center in Boston

by Haisten Willis May 19, 2017

BOSTON — HFF has secured the $8.9 million sale of Newmarket Center, a 55,000-square-foot office building located at 67 Kemble St. in Boston’s Roxbury submarket. HFF arranged the sale on behalf of the seller, DDJB Real Estate Holdings, and procured the buyer, The Winhall Cos., on an off-market basis. Urban Core Development redeveloped the property and served as its manager. Newmarket Center was originally built in the 1880s to house one of the area’s blacksmith shops, which operated until the 1930s. After sitting vacant, the building was again occupied in the 1940s by Newmarket Wool and operated as a wool storage and sorting warehouse for roughly 50 years. The building then ended up vacant during the late 1990s. Urban Core Development redeveloped the former warehouse into a loft-style office building in 2014 and 2015. Ben Sayles and Adam Dunn led the HFF investment sales team representing the seller.

May 19, 2017

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