BOSTON — HFF has arranged $80 million in acquisition financing for Suffolk Downs, a 161.2-acre, transit-oriented development site located in East Boston and Revere, Mass. HYM Investment Group is the borrower and buyer in the transaction. John Fowler, Anthony Cutone, Jennifer Keller and Andrew Gray of HFF secured the short-term, floating-rate loan with Bank of the Ozarks and advised the buyer in the deal. Adjacent to Route 1A, the site comprises 108.8 acres in Boston and 52.4 acres in Revere. The property is also served by two Massachusetts Bay Transit Authority Blue Line stations: Suffolk Downs and Beachmont. The site is currently the location of the Suffolk Downs horse racing facility, which will have its last racing season in summer 2018.
WALPOLE, MASS. — Siemens has broken ground on a 300,000-square-foot expansion and renovation at Siemens Healthineers, a manufacturing and R&D facility in Walpole, about 27 miles southwest of Boston. Over the next four years Siemens plans to invest $300 million in the facility, which was built in 1979 and last renovated and expanded in 2007. The project scope will include manufacturing, warehouse, office and laboratory space. The expansion will generate 700 new high-tech, permanent jobs, bringing the total employment at the site to between 1,300 to 1,600 by 2026.
FRANKLIN, MASS. — Transwestern Consulting Group (TCG) has arranged the sale of an industrial building located at 130 Constitution Blvd. in Franklin. Novaya Real Estate Ventures sold the property to Albert Milstein, Barry Kirschenbaum and Sanford Bokor of $6.4 million. The property features 59,970 square feet of industrial space. John Lashar, Chris Skeffington and Roy Sandeman of TCG represented the seller and assisted in sourcing the buyer in deal.
FRANKLIN, MASS. — CBRE/New England has arranged the sale of Glen Meadow, an apartment community located off Exit 17 on Interstate 495 in Franklin. Glen Meadow Owner LLC, a joint venture between The Schochet Cos. and Rose Affordable Housing Preservation Fund IV, an affiliate of Jonathan Rose Cos., acquired the property for $51.1 million. Built in 1971, the property features 88 one-bedroom units and 200 two-bedroom townhomes. Simon Butler and Biria St. John of CBRE/NE represented the undisclosed seller and procured the buyer in the deal.
BOSTON — Pebblebrook Hotel Trust (NYSE: PEB), a hospitality REIT, has sold an 826-space parking garage at Revere Hotel Boston Common, located at 200 Stuart St. in downtown Boston, for $95 million. The buyer was not disclosed. The sale, which closed on June 23, also includes 10,500 square feet of vacant space on the ground floor. Pebblebrook will utilize the proceeds from the sale for general business purposes, such as paying off outstanding debt or repurchasing some of its shares of common stock. The company expects the acquisition to generate approximately $11.7 million in additional net income across the second, third and fourth quarters, and to reduce funds from operations (FFO) by $1.3 million during that period. Since initiating a strategic disposition plan in 2016, the REIT has sold five hotels and two non-hotel assets that have generated $676.8 million in gross proceeds. “This sale generates significant value for our shareholders at a very favorable price and overall capitalization rate,” says Jon Bortz, CEO and president of Pebblebrook, based in Bethesda, Md. “These property sales continue to allow us to take advantage of the value differential between the higher private market prices and values and the lower public market valuation …
BOSTON — L3 Capital and LaSalle Investment Management have purchased a vacant commercial building located at 399 Washington St. in Boston’s Downtown Crossing for an $63.2 million. The buyers will renovate and rebrand the 74,500-square-foot building as DTX 399. The building will offer six levels of retail and creative office space. Evan Papanastasiou of Eastern Consolidated represented the seller, Robert Posner, while Adelaide Polsinelli, also of Eastern, procured the buyer in the deal. The owners have retained Colliers International to market the property for lease.
CAMBRIDGE, MASS. — Roseview-PMRG Fund I, a discretionary fund managed by Boston-based Roseview Investment Advisors and Houston-based PMRG, has completed the disposition of 100 CambridgePark Drive, an office building located in Cambridge. An undisclosed buyer in conjunction with operating partner Longfellow Real Estate Partners acquired the 135,615-square-foot property for an undisclosed price. At the time of sale, the property was 96 percent occupied. The fund originally acquired the asset in 2014 for $41.5 million and renovated the property in 2016. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark Knight Frank oversaw the transaction.
BOSTON — Boston College has awarded Skanska USA a $113 million contract to provide construction services for a 244,000-square-foot recreation center at the university. Designed by Cannon Design, the four-story facility will feature a fitness center, jogging track, natatorium with lap and instructional pools, four wood-floor basketball courts, three tennis courts, two multi-activity courts and multi-purpose rooms for spin, yoga and fitness classes. Slated for completion in summer 2019, the new facility will replace the Flynn Recreation Complex.
NEW YORK CITY — New York-based Monticello Asset Management, through one of its investment vehicles, has provided $69.3 million in acquisition financing for a four-property skilled nursing portfolio in Massachusetts. The borrower was 50 Christy Place LLC. The specific facilities acquired were not disclosed. The portfolio totals 616 beds, including 100 for assisted living, with an average year built is 1994. The properties have an average total land area of 3.8 acres and an average size of 70,000 square feet. The new owners plan to improve operating efficiencies and leverage a large network of corporate services and operating experience. The financing was structured as a bridge-to-HUD transaction.
BOSTON — Cottonwood Management, a private real estate management and development firm based in Los Angeles, has started construction of Echelon Seaport, a three-tower, $900 million mixed-use development in Boston’s Seaport district. Set to open in phases between 2019 and 2020, the project will feature 733 condominiums and apartments and 125,000 square feet of retail space. The 3.5-acre development is situated at Seaport Boulevard and B Street and directly across from HarborWalk and Boston Harbor, providing miles of walking and bike paths, as well as water taxi access to places like Logan International Airport. The project will also be located one block from the MBTA Silver Line and within walking distance of Boston’s downtown/financial district. Cottonwood unveiled its Echelon lifestyle brand at the groundbreaking ceremony held yesterday. Boston Mayor Martin Walsh, Massachusetts Gov. Charles Baker and James Beard award-winning chef Ming Tsai of the nearby Blue Dragon restaurant attended the event. “Boston’s Seaport is one of the most exciting neighborhoods in the world right now and is the perfect starting place for Cottonwood to establish the Echelon lifestyle brand,” says Alexander Shing, chairman and CEO of Cottonwood Management. “Echelon Seaport will anchor the Seaport community with a new level of …