Massachusetts

CBRE/NE Secures $23.5M in Refinancing for Cabot Crossing in Massachusetts

by Amy Works April 6, 2016

LOWELL, MASS. — CBRE/New England has secured a $23.5 million first mortgage loan to refinance the existing debt on Cabot Crossing, a multifamily property located in Lowell. The borrower is Taurus CD 165 Bowden Street MA LP, an affiliate of Taurus Investment Holdings and PhilMor Real Estate Investments. The owner originally acquired the property in 2013 and implemented a successful unit upgrade and capital improvement plan. Located at 130 Bowden St., the multifamily community features 252 apartment units in a mix of 28 studio units, 168 one-bedroom layouts and 56 two-bedroom units. On-site amenities include a clubhouse with multi-station exercise room, TV lounge, saunas, Jacuzzi, locker rooms, outdoor swimming pool and picnic areas. John Kelly and Sam Dylag of CBRE/NE Multifamily Debt & Structured Finance arranged the financing for the borrower.

April 6, 2016

Industrial Massachusetts Northeast

The Stubblebine Company Brokers $3.1M Sale of Industrial Building in Massachusetts

by Amy Works April 6, 2016

DRACUT, MASS. — The Stubblebine Company has arranged the sale of an industrial building located at 20 Commercial Drive in Dracut. 303 Broadway Nominee Trust acquired the 55,890-square-foot property from LB Investment Group LLC for $3.1 million. Micah Stubblebine of The Stubblebine Company represented the seller and procured the buyer in the transaction.

April 6, 2016

Massachusetts Northeast Office

Related Sells 235,000 SF One Lovejoy Wharf in Boston

by Amy Works April 4, 2016

BOSTON — Related Beal has completed the sale of One Lovejoy Wharf in Boston. Union Investment Real Estate GmbH, on behalf of its open-ended real estate fund Unilmmo: Global, has acquired the 235,000-square-foot waterfront office property, formerly known as the Hoffman Building, for an undisclosed price. Acquired by Related Fund Management in 2012 and redeveloped by Related Beal, the office building now serves as Converse’s headquarters under a long-term lease and features wharf-level retail space. This acquisition marks Union’s first entry into the Boston office market.

April 4, 2016

Hospitality Massachusetts Northeast

Logan Hospitality Associates Sells Four Points Boston Logan Airport in Revere

by Amy Works April 1, 2016

REVERE, MASS. — Logan Hospitality Associates LLC, a division of KW Development, has completed the sale of Four Points by Sheraton Boston Logan Airport, located at 427 Squire Road in Revere, for an undisclosed sum. Fingerprint Hospitality LLC was an advisor to and an investor in the undisclosed buyer. Situated on 3.3 acres, the property features 180 guest rooms, 3,755 square feet of meeting space, an indoor pool and fitness room. Driftwood Hospitality will manage the property. Denny Meikleham and Alan Suzuki of HFF represented the seller in the transaction. Lauren O’Neil, also of HFF, secured a three-year, floating-rate acquisition loan through TIAA Direct, a division of TIAA-CREF Trust Co., for the buyer.

April 1, 2016

Massachusetts Northeast Office

New Dover Associates Brokers $3.9M Sale of Office Property in Massachusetts

by Amy Works April 1, 2016

NATICK, MASS. — New Dover Associates has arranged the sale of an office/research and development building located at 2-4 Mercer Road in Natick. Nivek Investments I LLC sold the property to 2-4 Mercer Road LLC for $3.9 million. Situated on 1.4 acres with Natick Business Park, the fully air-conditioned building comprises 17,875 square feet. Scott Hughes of New Dover Associates represented the seller and procured the buyer in the transaction.

April 1, 2016

Loans Massachusetts Multifamily Northeast Seniors Housing

Grandbridge Facilitates $30.2M Loan for Seniors Housing Community in Massachusetts

by Amy Works March 31, 2016

NORTH ANDOVER, MASS. — Grandbridge Real Estate Capital’s Seniors Housing and Healthcare Finance team has closed a $30.2 million permanent, floating-rate loan for Brightview North Andover, a seniors housing property. Located at 1275 Turnpike St. in North Andover, the facility features 133 independent and assisted living units, as well as a memory care component. The refinancing was arranged through Fannie Mae’s DUS Structured Adjustable Rate Mortgage loan product. Richard Thomas and Meredith Davis of Grandbridge secured the loan for the undisclosed borrower.

March 31, 2016

Hospitality Massachusetts Northeast

Rockwood Capital Sells Two Hotels in Suburban Boston for $54M

by Amy Works March 29, 2016

LEXINGTON, MASS. — Rockwood Capital has completed the disposition of two hotels: an aloft and an element, located on a 12.7-acre site at 727 Marrett Road in Lexington, a northwest suburb of Boston. An undisclosed buyer acquired the hotels for $54 million, unencumbered by management. The 136-room aloft features grab-and-go dining, the w xyz bar, an indoor swimming pool, business center, game room, fitness room, meeting room and complimentary shuttle service. The 123-room element features complimentary breakfast, an indoor swimming pool, business center, fitness room, meeting room and complimentary shuttle service. The hotels were developed in 2008 as prototypes for the Starwood brand. Denny Meikleham and Alan Suzuki of HFF represented the seller in the transaction.

March 29, 2016

Massachusetts Northeast Office

GE to Locate Global Headquarters in Boston’s Seaport District

by Amy Works March 28, 2016

BOSTON — GE will locate its new global headquarters in the Seaport District of Boston. The company has entered into an agreement to acquire a 2.5-acre property located at 5 and 6 Necco Way from P&G. The site includes two historic buildings, which will be renovated, and an adjoining parking lot on which GE plans to construct a new building. GE employees will move to a temporary location in Boston on Farnsworth Street this summer, with a full move expected in several steps by 2018.

March 28, 2016

Loans Massachusetts Northeast Office

Colliers Arranges $87M Refinancing for 542,000 SF R&D Facility in Massachusetts

by Amy Works March 25, 2016

MARLBOROUGH, MASS. — Colliers International has arranged $87 million in refinancing for the research and development facility located at 200 Forest St. in Marlborough. The borrower was Atlantic Management Corp. The recently rehabbed 542,000-square-foot facility is occupied by Quest Diagnostics and GE Healthcare. Atlantic Management redeveloped the facility, which was formerly part of the Hewlett Packard campus. Thomas Welch and John Poole of Colliers arranged the financing with Benefit Street Partners.

March 25, 2016

Massachusetts Northeast Office

The Community Builders Sells Office Building in Boston’s South End

by Amy Works March 25, 2016

BOSTON — Colliers International has arranged the sale of an office building located at 95 Berkeley St. in Boston’s South End. CIM Group and Center Court Mass have acquired the 114,000-square-foot property from The Community Builders. The asset sold for an undisclosed sum. Doug Jacoby, Scott Dragos, Tony Hayes, Tim Muhall and Lyndsey Hmura of Colliers represented the sellers in the transactions.

March 25, 2016

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