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.
SHREWSBURY, MASS. — CBRE/New England has arranged the sale of White City Shopping Center located in Shrewsbury. A joint venture between Charter Realty & Development and Acadia Realty Trust sold the property for $97 million. The 260,000-square-foot retail center is fully occupied by a variety of tenants, including Shaw’s Supermarket, Petco, Dress Barn, The Paper Store, Planet Fitness and Austin Liquors. Chris Angelone, Bill Moylan and Nat Heald of CBRE/NE represented the seller and procured the undisclosed buyer in the transaction.
NEEDHAM, MASS. — RK Centers has purchased a two-story office building, located at 50 Cabot St. in Needham. An affiliate of The Bulfinch Companies sold the 42,000-square-foot property for $9.8 million. KC Centers plans to use the property as its new corporate headquarters. Andrew Sacher of AIS Development represented the buyer in the transaction.
BOSTON — Boston Capital has closed Boston Capital Corporate Tax Credit Fund LX, a nationwide portfolio of 21 affordable apartment properties in 13 states with a fund size of $120 million. The fund includes 17 properties for families and four seniors housing developments. This portfolio added 1,068 apartment units to Boston Capital’s holdings. Fund XL also will result in the creation of nearly 870 local jobs and will generate $54 million in local salaries. With the closing of Fund XL, the company has raised $538 million in equity in the past 12 months. Boston Capital also recently launched Corporate Fund XLI, a $160 million fund expected to close in October.
