Massachusetts

Tocci Building Breaks Ground on 118-Key Hilton Homewood Suites in Massachusetts

by Amy Works March 7, 2016

WORCESTER, MASS. — Tocci Building Cos., serving as construction manager, has broken ground for a Hilton Homewood Suites hotel located at One Washington Square in Worcester. Being developed by First Bristol Corp., the six-story hotel will feature 118 guest rooms, a swimming pool, Jacuzzi and a fitness center. Additionally, the project will have a 120-car parking lot. The $21 million project is slated for completion in February 2017. Project partners include BMA Designs, ZDS Architectural Design Services, Veitas and Veitas Engineers and Wozny Barbar & Associates.

March 7, 2016

Massachusetts Northeast Office

Colliers Negotiates Acquisition of 22,388 SF Office Property in Massachusetts

by Amy Works March 4, 2016

DEDHAM, MASS. — Colliers International has arranged the acquisition of an office building located at 910 Washington St. in Dedham. Whelan Associates purchased the 22,388-square-foot property from Middlesex Savings Bank for an undisclosed price. Additionally, Colliers brokered the building’s lease by Greater Boston Urology. Steven Woelfel, David Goodhue and Caleb Hudak of Colliers represented the buyer and tenant in the transactions. Garry Holmes and Dean Blackey of R.W. Holmes represented the seller in the deal.

March 4, 2016

Loans Massachusetts Northeast Office

Fantini & Gorga Secures $1.1M Loan to Refinance Office Building in Massachusetts

by Amy Works March 4, 2016

AUBURN, MASS. — Fantini & Gorga has arranged a $1.1 million loan for the refinancing of a multi-tenant office property located at 7 Midstate Road in Auburn. Situated on 1.4 acres, the 14,944-square-foot property is located at the entrance of the six-building, 141,000-square-foot Mid State Office Park. Derek Coulombe and Chris Miller of Fantini & Gorga represented the undisclosed borrower in the transaction.

March 4, 2016

Loans Massachusetts Multifamily Northeast

CBRE/NE Secures $28.1M Loan for Condo Development in South Boston

by Amy Works March 1, 2016

BOSTON — CBRE/New England has secured a $28.1 million loan for the the construction of a luxury condominium development in South Boston. The borrower, CPC Cornerstone Development, is developing the 49-unit property that will feature a 6,000-square-foot restaurant space. Located at 14 W. Broadway, the building will feature large floor plans, garage parking for all units, top-of-the-line finishes, a roof deck, 24-hour concierge, valet garage parking and a fitness center. The property will also feature six affordable units per Boston Redevelopment Authority Inclusionary Development Policy. John Kelly and Sam Dylag of CBRE/NE arranged financing for the borrower. Additionally, CBRE arranged $8 million in equity on behalf of the sponsor.

March 1, 2016

Massachusetts Northeast Office

Griffith Properties/Echo Bridge Partners Sell Office Building Massachusetts for $32.5M

by Amy Works February 29, 2016

CHELMSFORD, MASS. — Griffith Properties/Echo Bridge Partners has completed the disposition of an office building located at 5 Omni Way in Chelmsford. A private New York-based investment firm acquired the 131,430-square-foot asset for $32.5 million. The property recently underwent a $15 million redevelopment and renovation. The building will serve as a key regional call center and executive hub for Comcast with 24/7/365 operations and full call center backup redundancy. Robert Griffin, Edward Maher and Matthew Pullen of NGKF Capital Markets represented the seller in the transaction.

February 29, 2016

Massachusetts Northeast Office

Novaya Real Estate Arranges Two Leases Totaling 32,627 SF in Massachusetts

by Amy Works February 29, 2016

LOWELL, MASS. — Novaya Real Estate Ventures has secured two new leases totaling 32,627 square feet at 55 Technology Drive in Lowell. In the first transaction, Lowell General Hospital leased 24,116 square feet to house an expansion for the hospital administrative offices. In the second deal, Contract Logix LLC inked a lease for 8,516 square feet, which will be used for the company’s headquarters. The two-story office building is now 100 percent leased. Additional tenants include Boston Scientific, Borrego Solar and Lowell Five Center Savings Bank. Joel Kahn of Equity Alliance LLC represented Lowell General Hospital, Matt Adams of NGKF represented Contract Logix, and Mark Reardon of CBRE| New England represented Novaya in the transactions.

February 29, 2016

Loans Massachusetts Northeast Retail

Colliers Arranges $45M Refinancing for Third Avenue Retail in Burlington, Mass.

by Amy Works February 25, 2016

BURLINGTON, MASS. — Colliers International has arranged $45 million in refinancing for Third Avenue, a newly constructed Class A retail walking street in located off Middlesex Turnpike in Burlington. Colliers secured the 22.5-year loan, which features a fixed-rate, for Nordblom Co. through Sun Life Assurance Company of Canada, a correspondent life company lender. Jeff Black and Kevin Phelan of Colliers represented the borrower in the transaction.

February 25, 2016

Massachusetts Multifamily Northeast Seniors Housing

Marquis Health Services Completes $2.6M Renovation at The Brentwood in Massachusetts

by Amy Works February 25, 2016

DANVERS, MASS. — Marquis Health Services, a division of Tryko Partners, has completed a $2.6 million renovation of The Brentwood Rehabilitation and Healthcare Center, located at 56 Liberty St. in Danvers. Built in 1972, the 159-bed property was renovated to include a dedicated 32-bed sub-acute care unit and a new 2,300-square-foot therapy gym. The sub-acute care unit features a neurologist-led stroke recovery program and the gym offers rehabilitation therapy seven days per week with state-of-the-art equipment, including a smart car to train patients in automobile transfers. Additionally, the patient rooms were renovated to include a traditional suite with a full residential set-up including kitchen, living room, bedroom and bathroom. Marquis Health Services acquired the property in late 2013.

February 25, 2016

Loans Massachusetts Northeast Office

NorthMarq Capital Arranges $4.5M Acquisition Financing for Boston Office Property

by Amy Works February 23, 2016

BOSTON — NorthMarq Capital has arranged $4.5 million in acquisition financing for an office property located at 44-46 Plympton St. in Boston’s South End. The transaction was structured with a 10-year term and a 30-year amortization schedule. The property features 28,600 square feet of office space. Ed Riskstins of NorthMarq Capital’s Boston regional office secured the financing for the undisclosed borrower through NorthMarq’s relationship with a national bank.

February 23, 2016

Industrial Massachusetts Northeast

Colliers Negotiates 152,000 SF Warehouse Lease Renewal in Boston

by Amy Works February 23, 2016

BOSTON — Collier International has arranged the renewal of a 152,000-square-foot lease at 100 Meadow St. in Boston for HD Supply. The industrial facility features 30-foot clear ceiling heights, an ESFR sprinkler system and numerous loading docks. The warehouse property was recently acquired by Newton, Mass.-based National Development. Austin Smith of Colliers lead the transaction.

February 23, 2016

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