WESTWOOD, MASS. — Developer Lightstone Life Sciences is nearing completion of The Labs@128 Station, a 165,000-square-foot project in Westwood, a southern suburb of Boston. Upon completion, which is slated for the first quarter of 2024, Labs@128 Station will offer turnkey spaces that will be subdividable down to 5,000 square feet. J. Calnan & Associates is the general contractor for the project. Newmark is the leasing agent.
AMHERST, MASS. — Largo Capital, a financial intermediary based in upstate New York, has arranged a $17 million construction loan for a 67-unit multifamily project in Amherst, about 90 miles west of Boston. The property will house a mix of one-, two- and three-bedroom units and roughly 7,000 square feet of ground-floor commercial space. Ned Perlman of Largo Capital arranged the financing. The names of the direct lender and borrower were not disclosed.
HOLYOKE, MASS. — WinnDevelopment has broken ground on a $55.3 million affordable seniors housing project in the western Massachusetts city of Holyoke. The project will convert a historic mill complex into 88 affordable apartment homes for seniors ages 55 and older. The redevelopment of the Appleton Mill property in downtown Holyoke will create new loft-style apartments in three interconnected, 111-year-old industrial buildings that were once home to the Farr Alpaca Co. and have been vacant for decades. In addition, WinnDevelopment will construct a new community building and connect it to the residential space via a closed skybridge spanning nearby railroad tracks. All 88 apartments will be reserved for low- and moderate-income seniors, with 12 units reserved for households earning below 30 percent of the area median income (AMI), 63 for those below 60 percent of AMI, and 13 for households below 80 percent of AMI. Delivery is slated for spring 2025.
WINDSOR, MASS. — MassHousing has provided $7.5 million in financing for Prospect Estates, a 25-unit multifamily property located in the western Massachusetts community of Windsor. The borrower, Affordable Housing & Services Collaborative, will use the proceeds to acquire and renovate the property. NEI General Contracting will handle renovations, which will include upgrades to kitchens and bathrooms, as well as building systems and exterior components. The development team will also preserve historic elements of the original structures, such as windows and wood flooring, and add a management office.
MARLBOROUGH, MASS. — Locally based general contractor and construction management firm W.T. Rich has broken ground on a 17,000-square-foot academic building in the western Boston suburb of Marlborough. Designed by Finegold Alexander Architects, the project is a build-to-suit for Advanced Math & Science Academy Charter School and will house classroom and lab space. A completion date was not disclosed.
BOSTON — Cottonwood Group, a Los Angeles-based private equity real estate firm, has provided $240 million loan for the refinancing of the St. Regis Residences, a luxury multifamily tower in Boston’s Seaport District. Built in 2022, the 22-story waterfront building houses 114 residences with private balconies and amenities such as a pool, spa, fitness center, lounge, concierge services and an onsite restaurant. The borrower was Boston-based Cronin Development.
MEDWAY, MASS. — Toll Brothers has completed Hathon, a 190-unit apartment complex in Medway, located southwest of Boston. Designed by Boston-based Cube3 Architects with interiors by Chicago-based Mary Cook Associates, Hathon offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Select units offer private balconies/patios. Amenities include a pool, game room, fitness center, playground, catering kitchen, coworking lounge and a rooftop deck. Rents start at $2,450 per month for a one-bedroom apartment.
SANDWICH, MASS. — MassHousing has provided $6.2 million in financing for Shawme Heights Apartments, a 44-unit affordable seniors housing complex located in the Cape Cod town of Sandwich. The borrower, nonprofit owner-operator Sandwich Senior Housing Corp., will use the proceeds to refinance existing debt and fund capital improvements. Specific upgrades will target unit interiors, building exteriors, elevators, common areas and building systems like security, backup electricity and medical alert.
BOSTON — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 53-bed skilled nursing facility located just south of downtown Boston. The building was originally constructed in 1960, spans over 18,000 square feet and features a variety of unit configurations. The buyer was an undisclosed family office that intends to convert the property into traditional multifamily housing. Details on the seller and sales price were not disclosed. Kyle Hallion and Michael Segal led the Blueprint team on the transaction.
MARLBOROUGH, MASS. — Atlanta-based developer Wood Partners has broken ground on Alta French Hill, a 276-unit apartment complex that will be located in the western Boston suburb of Marlborough. Units will come in one, two- and three-bedroom floor plans and will be furnished with stainless steel appliances, quartz countertops, wood-style flooring and individual washers and dryers. Amenities will include a pool, fitness center, dog park, resident lounge and outdoor grilling and dining areas. Alta French Hill will also house 10,000 square feet of retail space. Preleasing will begin in 2024, with the first move-ins scheduled to begin in February 2025.