BOSTON AND LOS ANGELES — Boston-based Sperry Van Ness International Corp. (SVNIC) has partnered with Los Angeles-based DealPoint Merrill to form a private equity firm. Operating under the name of SVN DealPoint Merrill Realty Partners, the new firm will capitalize on SVNIC’s access to investment opportunities, which will be then matched by DealPoint Merrill’s development experience. Kevin Maggiacomo, president and CEO of SVNIC, explains that the “goal of the new partnership is to build preeminent investor value by acquiring co-investment assets, which are fundamentally sound but undervalued.” “On a risk-adjusted basis, we prefer apartments, multi-tenant retail, self-storage and medical properties,” notes David Frank, CEO of DealPoint Merrill. “The new partnership will secure multiple rounds of real estate equity investment with the first tranche of approximately $100 million in the first year to acquire property in the name of the partnership.” SVNIC has approximately $9.1 billion in annual sales volumes and 190 national sales offices. DealPoint Merrill has acquired more than $2 billion in assets and attracted more than $1 billion in equity for commercial real estate investments.
HOPKINTON, MASS. — A joint venture between Wood Partners LLC and Bavin Inc. has sold Alta Legacy Farms, an apartment community in Hopkinton. An affiliate of The Praedium Group LLC acquired the 240-unit property for $59.5 million. Situated on 18 acres, the $45 million development features 156 one-bedroom units and 84 two-bedroom apartments, with 39 one-bedroom units and 21 two-bedroom units classified as affordable housing. Community amenities include a clubroom, billiard room, coffee bar, media room, business center and cyber café, theater, fitness center, outdoor lounge area with fire pit and built-in grilling stations, resort-style pool with sundeck, a dog park and walking trails. The community is part of the master-planned Legacy Farms project, a 730-acre mixed-use suburban community consisting of 940 single-family and attached homes, 450,000 square feet of commercial space and more than 500 acres of preserved and restored open space. Wood Partners served as general contractor on the project, which was designed by Cube3 Studios and completed in March 2014. CB Richard Ellis – N.E. Partners represented the seller in the transaction.
WALTHAM, MASS. — Clarks Americas Inc., a subsidiary of Somerset, England-based C&J Clark Limited, plans to construct a new corporate headquarters facility in Waltham. The company has signed a 15-year lease for the to-be-built 120,000-square-foot property located at 1265 Main St. The four-story building will feature a roof deck, 5,200 square feet of private outdoor terrace space, and an employee retail store and employee fitness center. Additionally, the property will feature 10-foot high windows, 50-foot skylights, a three-story lobby and covered parking. Boston Properties is the lead developer for the project, which is being designed by Spagnolo Gisness & Associates Inc. and ADD Inc. now with Stantec. Clarks Americas Inc. plans to move into the new facility in phases starting in late fall 2016.
BOSTON — Moody National REIT I Inc. has entered into a contract to acquire Hampton Inn Boston for an aggregate purchase price of $57 million, excluding acquisition costs. The 227-room hotel is located within close proximity to Boston Logan International Airport and five miles from downtown Boston. The acquisition of the hotel is subject to substantial conditions to closing.
BOSTON — KeyBank Real Estate Capital has provided $215 million in senior debt financing for Harbor Point in Boston. The multifamily property offers 1,284 affordable and market-rate apartment units. The 20-year loan, which was placed through Freddie Mac, features a 35-year amortization period, 10 years of interest-only payments and a sub-3.65 percent interest rate. Dirk Falardeau, Todd Goulet and Mathew Purtell of KeyBank originated the loan for the sponsors, Corcoran, Mullins, Jennison Inc.
BOSTON — 226 Causeway Holdings LLC has completed the disposition of an office and retail property located at 226 Causeway in downtown Boston. The six-story Class A property sold for $92 million. The 192,890-square-foot property is 92 percent leased to a variety of tenants and anchored by two divisions of TripAdvisor, Oxfam America’s headquarters, the headquarters of the NBA’s Boston Celtics and Stantec. The property recently underwent a $1.7 million capital improvements program, including a complete lobby renovation, updated common areas and new building signage. Robert Griffin, Edward Maher and Matt Pullen of Cushman & Wakefield represented the seller in the transaction. The name of the buyer was not released.
ANDOVER, MASS. — Vantage Builders Inc. has completed a 23,000-square-foot renovation for Casa Systems Inc.’s headquarters at 100 Old River Road in Andover. The renovation project include the redevelopment of the second and third floors of the building to allow Casa to expand its footprint from the first floor. Designed by McGuinness Group, the new space features 22 offices, room for 97 workstations, four conference rooms, a 16-person boardroom and a 60-person presentation room that doubles as a lunchroom. The building now features an open area, high-end millwork, translucent partitions and a glass staircase connecting the second and third floors. Union Office Interiors furnished the finished space.
BOSTON — NorthMarq Capital has arranged $25 million in refinancing for Westland Avenue Apartments, three multifamily properties located in Boston’s Fenway neighborhood. The properties offer a total of 101 apartment units. Michael Chase of NorthMarq Capital’s Boston office secured the financing for the undisclosed borrower through NorthMarq’s correspondent relationship with Guardian Life Insurance Company of America. The mortgage features a competitive rate and a flexible prepayment structure.
BOSTON — Related Beal has unveiled its plans to develop a 239-unit affordable and workforce residential development in Boston’s Bulfinch Triangle neighborhood. The 14-story, 484,000-square-foot residential property will be part of a mixed-use development that will include a 220-key hotel, street-level retail space and on-site parking. The residential units will be restricted to and available for individuals, couples and families with qualified incomes ranging from 30 percent to 165 percent area median income. CBT Architects is providing architectural services for the project. Construction is expected to begin by December with completion slated for 2017.
STOUGHTON, MASS. — Senate Construction Corp. has completed the renovation of the 73,000-square-foot Stoughton Town Center in Stoughton. The project consisted of a new façade with architectural gables that enhance tenant signage and visibility, minor re-painting of the exterior and new LED lighting throughout the parking area. The construction was completed on behalf of Tri-Town Commons LLC, a joint venture of Winstanley Enterprises LLC and Silvera Asset Group LLC. The project team included Winstanley Construction Management, Winstanley Property Management, Phase Zero Design Inc. as project architect, Alfred Benesch & Co as civil engineer and Amolions Structural Consultants Inc. as structural engineer.