Massachusetts

Westmont Hospitality Group Buys Battery Wharf Hotel in Boston

by Amy Works February 12, 2015

BOSTON — A partnership between Westmont Hospitality Group and Thomas Tan, a member of the Bestford Hospitality Group, has acquired Battery Wharf Hotel, which is part of a mixed-use development in Boston’s North End, for an undisclosed price. Located on the Boston Waterfront, the property features the 150-room hotel, the 13,000-square-foot Exhale Spa, a pocket Maritime Museum, a 24-hour observation deck and more than 15,000 square feet of retail and restaurant space. The buyers plan to upgrade the hotel with new facilities and services. The hotel features 6,000 square feet of meeting space, a fitness center and Aragosta Bar & Bistro. Additional terms of the transaction were not released. Located on the Boston Waterfront, the 150-room Battery Wharf Hotel features a Presidential Suite (pictured).

February 12, 2015

Massachusetts Multifamily Northeast

Wood Partners Breaks Ground on 224-Unit Multifamily Development

by Amy Works February 11, 2015

ANDOVER, MASS. — Wood Partners LLC has broken ground on a mixed-income rental community on the former site of the Rolling Green Golf Course on Wood View Way in Andover. The 224-unit development will include 134 one-bedroom units, 70 two-bedroom units and 20 three-bedroom units, 56 of which will be affordable units. Leasing is expected to being in April 2016 and construction is slated for completion in July 2016. Interior finishes will include granite countertops, stainless steel appliances, wood cabinets, upgraded lighting and plumbing fixtures and wood-plank style flooring. Additionally, each residential building will include a fitness center with cardio and weigh-training and yoga/stretching space. The community clubhouse will feature gaming and media functions, wireless connectivity, a coffee bar and serving kitchen. Other on-site amenities include a saltwater pool, expansive sundeck, two courtyards with grilling stations and outdoor dining space, a multi-use recreational field, half basketball court, children’s outdoor play equipment and a dog park. The property will be managed by Wood Residential Services, Wood Partners’ property management division. WP East Builders is the general contractor, BlackRock is the equity partner, and Chelsea, Mass.-based The Architectural Team designed the community.

February 11, 2015

Industrial Massachusetts Multifamily Northeast

Axcelis Technologies Sells HQs for $49M in Massachusetts

by Amy Works February 9, 2015

BEVERLY, MASS. — Axcelis Technologies has sold its corporate headquarters facility located at 208 Cherry Hill Dr. in Beverly. An affiliate of Northbrook, Ill.-based Middleton Partners purchased the property for $49 million. Built in 1984 and situated on 37 acres, the facility consists of 417,313 square feet high-end office and industrial space. Axcelis is will lease the property on a long-term, triple-net lease. Ed Wlodarczyk and James Halepis of DTZ represented the seller and procured the buyer in the transaction.

February 9, 2015

Loans Massachusetts Multifamily Northeast

Greystone Provides $52.5M Fannie Mae Loan for Quincy Point Apartments in Massachusetts

by Amy Works February 9, 2015

QUINCY, MASS. — Greystone has provided a $52.5 million Fannie Mae loan as part of a $66 million total financing package for Quincy Point Apartments, a 640-unit affordable housing complex in Quincy. Greystone worked in conjunction with MassHousing to provide a financing structure that included a $66 million MassHousing conduit construction loan with a 17-year Fannie Mae-backed permanent loan and the use of low-income housing credits to help finance the acquisition and rehabilitation of the property. 1000 Southern Artery Renewal Development Limited Partnership, a partnership between Quincy Point Congregational Church Homes Inc., and the National Foundation for Affordable Housing Solutions Inc., acquired Quincy Point Apartments. As a result of the loan structuring, a minimum 90 percent of the apartments will remain affordable to residents earning at or below 60 percent of the area median income for at least 30 years. The owners plan renovations for the property, including exterior improvements, the installation of Energy Star-rated windows and sliding doors, a new fire alarm control panel, high-efficiency boilers and chillers, improved LED lighting throughout the property, and upgrades to the common areas and resident amenities. Individual unit improvements include new kitchens with Energy Star-rated appliances, new high-efficiency baseboard heaters, new bathrooms …

February 9, 2015

Loans Massachusetts Multifamily Northeast Seniors Housing

Berkeley Point Capital Closes $16.2M in Refinancing for Atria Maplewood Place

by Amy Works February 5, 2015

MALDEN, MASS. — Berkeley Point Capital has closed a $16.2 million Freddie Mac loan for Atria Senior Living and its partners. The 7-year loan, which features a floating rate, will be used to refinance an existing first mortgage debt from MassHousing and facilitate the buyout of its tax credit equity partner. Additionally the loan will refinance Atria Maplewood Place, a 98-unit assisted living and memory care community in Malden. Doug Harper of Berkeley Point Capital negotiated the loan.

February 5, 2015

Massachusetts Multifamily Northeast

JV Plans $26M Apartment Complex in Boston’s Allston Neighborhood

by Amy Works February 4, 2015

BOSTON — The Grossman Companies and The Waypoint Companies have partnered to acquire a 0.7-acre land site that has been permitted for an 80-unit apartment complex in Boston’s Allston neighborhood for $3.5 million. The joint venture is seeking investors willing to provide 58 percent of the equity to acquire the land, which is located at 61-89 Braintree St., and fund soft costs until it either sells the permitted land or closes on a construction loan. The $26 million 61-89 Braintree Street project will be the largest modular construction project in the city. The project was designed and permitted to use modular construction to ensure quality control, a fast-track construction schedule, greater energy efficiency and the reduction of excess materials.

February 4, 2015

Industrial Massachusetts Northeast Office

IPG Photonics Acquires Three Buildings for $32.4M Total in Marlborough

by Amy Works January 29, 2015

MARLBOROUGH, MASS. — IPG Photonics has acquired three buildings, totaling 269,000 square feet, in Marlborough. The total purchase price for the properties was $32.4 million. The acquisitions include 156,630 square feet at 377 Simarano Dr. for $25.6 million and a two-building campus located at 257 and 259 Cedar Hill St. for $6.8 million. IPG immediately occupied 12,000 square feet at 377 Simarano Dr. and plans to expand into the balance of the property as space becomes available. IPG is retrofitting the facility at 257 and 259 Cedar Hill St. and plans to move into the property in the second quarter of 2015. IPG Photonics currently occupies approximately 500,000 square feet in nearby Oxford, Mass., and needs additional space to expand its operations. David Stubblebine and James Stubblebine of The Subblebine Company/CORFAC International represented IPG in the transaction.

January 29, 2015

Massachusetts Northeast Office

Columbia Property Trust Buys 274,218 SF Boston Office Building for $152M

by Amy Works January 19, 2015

BOSTON — Columbia Property Trust has purchased an office building located at 116 Huntington Ave. in Boston’s Back Bay submarket. Broadway Partners, advised by Soundport Capital LLC, sold the 274,218-square-foot property for $152 million. Constructed in 1991, the 15-story building offers views of the Back Bay, Seaport and South End submarkets, as well as the Charles River. Coleman Benedict, Ben Sayles and Patrick McAneny of HFF marketed the property for the seller and procured the buyer in the transaction.

January 19, 2015

Massachusetts Northeast Office

The Davis Companies Sells Six-Story Office Building in Boston’s Seaport District

by Amy Works January 16, 2015

BOSTON — The Davis Companies has completed the disposition of an office building located at 24 Farnsworth St. in Boston’s Seaport District. Unitarian Universalist Association (UUA), the lead tenant, acquired the property through a previously negotiated lease-to-purchase agreement for an undisclosed price. UUA will relocate its headquarters from Boston’s Beacon Hill neighborhood to the six-story, 74,554-square-foot property. The building offers open floor plans and abundant natural lighting. An investment fund of The Davis Companies originally purchased the mortgage note on the property in May 2012, when the building was only 14.5 percent leased. Within 10 months of the mortgage note acquisition, The Davis Companies brought the property to full occupancy when UUA agreed to move its headquarters to the building. UUA is now exercising its option to purchase, which was part of its new 10-year lease for the remainder of the building.

January 16, 2015

Massachusetts Mixed-Use Northeast

The Pebbles Corp. Selected to Develop $330M Mixed-Use Project in Boston

by Amy Works January 15, 2015

BOSTON — The Pebbles Corp. has been selected to develop its first project in Boston. The firm was selected by MassDot and Massachusetts Bay Transportation Authority (MBTA) to develop a mixed-use project at Turnpike Air Rights Parcel 13, located at the intersection of Boylston Street and Massachusetts Avenue in Boston’s Back Bay neighborhood. Along with Handel Architects and Utile Inc., a Boston-based think tank, Pebbles has proposed The Viola Back Bay, a $330 million, 390,000-square-foot mixed-use development for the site. The proposed plans include a 156-key boutique hotel, 88 condominiums with unobstructed views of the Charles River, 85 residential apartments, 20,000 square feet of retail and 138 on-site parking spaces. The transit-oriented property will be accessible by Hynes Station and offer ground-floor access via a new entrance on Boylston Avenue. HDR Inc., an architecture and engineering firm specializing in transit projects, will serve as station designer for the project. Parcel 13 encompasses approximately 54,500 square feet of air rights over the Massachusetts Turnpike and portions of the MBTA Green Line tunnel across the street the from Hynes Convention Center. Construction is expected to commence in 24 to 36 months pending the approval process.

January 15, 2015

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