CAMBRIDGE, MASS. — An affiliate of Longfellow Real Estate Partners has received $51 million in recapitalization financing for a laboratory/biotechnology building located at 1030 Massachusetts Ave. in Cambridge. Greg LaBine of HFF placed the five-year, fixed-rate loan with Capital One Healthcare for the borrower. The 77,805-square-foot property is fully leased to seven tenants: five biotech tenants, an indoor cycling studio and a restaurant, which is slated to open in early this summer.
NORWELL, MASS. — NorthMarq Capital has arranged $2.4 million in refinancing for Longwater Circle, an office property located in Norwell. The commercial mortgage transaction features a long-term fixed rate for more than 10 years with a 30-year amortization and a flexible prepayment schedule. Michael Chase of NorthMarq secured the financing through a regional bank for the undisclosed borrower.
BOSTON — Marcus & Millichap has arranged the sale of a mixed-use property located at 46-50 Blue Hill Ave. in Boston. A private investor sold the property to an undisclosed private investor for $1.6 million. The property features six apartments and three retail spaces. Evan Griffith of Marcus & Millichap represented the seller and procured the buyer in the deal.
FRANKLIN, MASS. — NorthMarq Capital has arranged $50 million for the refinancing of Franklin Village, a grocery-anchored mixed-use property located at 250 Franklin Village Drive in Franklin. The 10-year loan features a 30-year amortization schedule. Greg Nalbandian and Doug Nickerson of NorthMarq arranged the financing through NorthMarq’s correspondent relationship with Sun Life of Canada for the undisclosed borrower. Major tenants at the 303,096-square-foot property are Stop & Shop, Dress Barn and Marshalls.
MARLBOROUGH, MASS. — Deutsche Bank has completed the sale of a mission-critical data center located at 34 St. Martin Drive in Marlborough. Lincoln Property Co. acquired the 203,840-square-foot asset for an undisclosed price. At the time of sale, the property was fully leased to nine tenants, including Tierpoint and Lightower. The facility features enhanced fire protection, environmental control, security, electrical power and technology infrastructure. Frank Petz, Chris Angelone, Jessica Hughes, Matthew Sherry and George Gregory of JLL represented the seller in the deal.
LITTLETON, MASS. — Hanscom Federal Credit Union has purchased an office building located at 25 Porter Road in Littleton. Wheelock Street Capital and Novaya Real Estate Ventures sold the building for $3.2 million. The 67,167-square-foot building is located off Route 2 at the intersection of Interstate 495. David Gilkie and Jim Boudrot of NAI Hunneman represented the buyer in the transaction. NAI Hunneman has been retained to market for lease the remaining space in the building.
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.
