MEDFORD, MASS. — Rockport Mortgage Corp. has arranged a $55 million loan for the refinancing of Mystic Place Apartments, a mixed-income apartment community located in Medford. The property owner and borrower is an affiliate of WinnCompanies. Joe Mueller and Linda Pellegrino of Rockport Mortgage originated the loan, which utilized the HUD 223(f) program. Situated on nine acres, the community comprises three high-rise buildings featuring a total of 465 apartments. The refinance transaction was done in collaboration with MassHousing through its MAP/Ginnie Mae Mortgage Backed Security program. With the completion of the refinancing, the affordability restrictions on the 140 affordable housing units were extended through 2050.
BOSTON — Frazer Capital has completed the disposition of a retail condominium located at 165 Newbury St. in Boston’s Back Bay neighborhood. 165 Newbury Street Owner LLC acquired the property for $6.2 million, or $5,952 per square foot. Leased to Starbucks Coffee on a long-term basis, the property features 1,050 square feet of retail space and a 350-square-foot patio. Robert Griffin, Geoffrey Millerd and Paul Penman of NGKF Capital Markets represented the seller in the transaction.
CAMBRIDGE, REVERE AND CONCORD, MASS. — KW Development has completed the sales of three hotels in the Boston metro area for a combined $71.5 million. The company sold the 121-key Best Western Plus Hotel Tria, located at 220 Alewife Brook Parkway in Cambridge, to an undisclosed buyer in February; the 180-room Four Points by Sheraton Boston Logan Airport, located at 407 Squire Road in Revere, sold in March; and the 105-key Best Western at Historic Concord, located at 740 Elm St. in Concord, sold in April. The properties were sold to three different undisclosed buyers. Additional details of the sales were not released. Denny Meikelham and Alan Suzuki of HFF represented KW in all three sales.
MARLBOROUGH, MASS. — CBRE/New England’s Debt & Structured Finance team secured $9.1 million in acquisition financing for Calare Properties Inc. The company used loan proceeds to purchase two industrial/flex properties located at 261 Cedar Hill St. and 753 Forest St. within Cedar Hills Business Park in Marlborough. 261 Cedar Street is a 59,404-square-foot industrial/flex building that is fully occupied by four long-term tenants with staggered lease expiration dates. 753 Forest Street is a 75,000-square-foot property fully leased to five tenants. HarborOne Bank provided the financing. Kyle Juszczyszyn, Chris Coutts and Lenny Pierce of CBRE/NE arranged the financing for the borrower.
BOSTON — The Boston Redevelopment Authority Board has given approval for Edens to construct a 700,000-square-foot mixed-use development in the South Bay submarket of Boston. The 10-acre, $200 million development will sit adjacent to Edens’ South Bay Center in Boston’s Dorchester neighborhood. This approval was the last hurdle to starting the project, and Edens plans to break ground in June. The proposal calls for 113,000 square feet of restaurants and shops, a 12-screen luxury AMC Theatre with IMAX, a flagship Wahlburger’s, a 130-room hotel and two parking garages. Edens will also partner with Mill Creek Residential to develop 475 multifamily units at the project. The multifamily component will contain a mix of studio to three-bedroom apartments. The mixed-use project will be built on a site that currently contains a vacant industrial property and concrete plant. During construction, Edens also plans to upgrade the 427,289-square-foot South Bay Center, which is home to tenants such as OfficeMax, Marshalls, Old Navy, Target, The Home Depot, Bed Bath & Beyond and TJ Maxx. Columbia, S.C.-based Edens develops, owns and operates community shopping centers in primary U.S. markets. Its institutional-quality portfolio contains more than 130 retail centers. Mill Creek Residential Trust LLC is a national …
ASHLAND, MASS. — SVN|Parsons Commercial Group|Boston has acquired a retail center located at 300 Eliot St. in Ashland for $3.1 million. The 36,000-square-foot property is fully leased with long-term tenants. Garrett Quinn of SVN|Parsons Commercial Group|Boston brokered the transaction. The seller was Ash Realty Trust, which originally purchased the property in 1996. SVN|Parsons owns the adjacent flex/industrial buildings: 240 Eliot Street, 250 Eliot Street, 260-270 Eliot Street, 280 Eliot Street and 290 Eliot Street. With this purchase, Parsons has expanded its Eliot Street portfolio to 279,233 square feet across six buildings, while controlling 20 acres of land.
RAYNHAM, MASS. — Calare Properties has leased 40,000 square feet of industrial/flex space to OMNIlife science Inc. OMNI will relocate from its current location in East Taunton, Mass., and fully occupy the building, which is located at 480 Paramount Drive in Raynham. The building will serve as the medical technology company’s new headquarters. The facility features 20-foot clear ceiling heights, eight tailboard doors and 111 surface-level parking spaces. Steve Clancy of CBRE represented the tenant in the deal.
BILLERICA, MASS. — EMD Serono, the biopharmaceutical business of Merck KGaA, has selected JLL Construction for its $12 million expansion project in Billerica. The new 30,000-square-foot building will expand the existing research and development complex. Additionally, the facility will accommodate 120 new and current employees who will focus on accelerating innovation in R&D, particularly on oncology, immune-oncology and immunology. JLL Construction broke ground for the project in early May and construction is slated to begin in late spring 2016.
BOSTON — Deka Immobilien GmbH has acquired an office building located at 175 Federal St. in Boston from Blackstone for $139 million. Built in 1979, the 220,000-square-foot building is leased to 34 tenants, with the major tenant being Fiduciary Trust Co., an independent asset manager. Additionally, the Class A property features 25 parking spaces. The buyer plans to place the property in the Deka-ImmobilienGlobal portfolio, an open-ended real estate mutual fund.
ANDOVER, MASS. — Hilton Worldwide has opened DoubleTree by Hilton Boston Andover, located at 123 Old River Road in Andover. The five-story, 293-room hotel features guest rooms with 50-inch high-definition televisions, mini refrigerators, coffeemakers, clock radios, complimentary Wi-Fi; 24-hour fitness center; a heated pool and hot tub; computer station; and a restaurant and bar. The property, which recently underwent a renovation, is owned and managed by Linchris Hotel Corp.