Massachusetts

CBRE/NE Arranges $12M Construction Financing for Hyannis Fairfield Inn & Suites

by Amy Works November 3, 2014

HYANNIS, MASS. —CBRE/New England’s Debt & Structured Finance team has secured $12 million in construction financing for the Fairfield Inn & Suites by Marriott in Hyannis. The loan from Cambridge Savings Bank allows the borrower, The Simon Konover Company, to redevelop a current two-story, 99-room Days Inn into a three-story, 125-room Fairfield Inn & Suites. Located at 867 Iyannough Road, the new hotel is expected to open in May 2015. Kyle Juszczyszyn, Carlos Febres-Mazzei, Chris Coutts and Taylor Shepard of CBRE/NE arranged the financing on behalf of the borrower.

November 3, 2014

Loans Massachusetts Multifamily Northeast

EagleBridge Capital Arranges $3.5M Construction Financing for Boston Condos

by Amy Works November 3, 2014

BOSTON — EagleBridge Capital has arranged $3.5 million in mortgage acquisition/construction financing for two condo units located in Boston. Ted Sidel and Brian Sheehan of EagleBridge Capital on behalf of Neelon Properties arranged a $1.8 million mortgage for a unit at 193 Beacon Street and a $1.7 million mortgage for a unit at 71 Marlborough Street in Boston’s Back Bay neighborhood. The Beacon Street property is a two-story, 2,062-square-foot unit with two bedrooms, two and one half-baths, hardwood floors, high ceilings, a patio and a garage. The Malborough Street unit a two-story, 1,753-square-foot duplex with three bedrooms, one and one-half bath, hardwood floors, high ceilings and two parking spaces. The lender was a leading financial institution.

November 3, 2014

Loans Massachusetts Multifamily Northeast

RED Mortgage Capital Delivers $10.3M of Refinancing for Victoria Riverside Townhouse Lofts

by Amy Works October 29, 2014

NEW BEDFORD, MASS. — RED Mortgage Capital, the mortgage lending entity of comprehensive capital provider RED Capital Group, with assistance from Jeffrey Rome of Capital Access US, has completed a Fannie Mae DUS loan in the amount of $10.3 million. The borrower, Victoria Riverside LLC, will use the loan to refinance Victoria Riverside Townhouse Lofts in New Bedford. The non-recourse, fixed-rate loan features payments based on a 30-year amortization schedule. Victoria Riverside LLC utilized a combination of federal and state historic tax credits to fund a portion of the redevelopment of the former Whitman Mill into 101 townhome lofts. Formerly a cotton mill built in the 1896 by William Whitman, the building is listed in the National Register of Historic Places.

October 29, 2014

Loans Massachusetts Northeast Office

NorthMarq Capital Arranges $2.5M Acquisition Loan for Office Building

by Amy Works October 29, 2014

HAVERHILL, MASS. — NorthMarq Capital’s Boston regional office has secured $2.5 million in acquisition financing for an office building in Haverhill. Located at 26 Parkridge Road, the property offers 42,000 square feet of office space. Ed Riekstins of NorthMarq Capital arranged financing, which has a 20-year term and a 25-year amortization schedule, through its correspondent relationship with a life insurance company.

October 29, 2014

Massachusetts Northeast Office

Brickman Associates Takes Blackstone Science Square in Cambridge

by Amy Works October 28, 2014

CAMBRIDGE, MASS. — JLL Capital Markets team has brokered the sale of Blackstone Science Square, a Class A office/lab building in Cambridge. Centremark Properties sold the four-story, 78,672-square-foot property to Brickman Associates for $31.5 million. Located at 237 Putnam Ave. and 19-23 Blackstone St., the property has undergone $8.1 million of capital improvements over the past five years. The improvements include significant infrastructure upgrades to accommodate life science lab tenants and new lobby and common area finishes. Additionally, there is a 94-space parking lot adjacent to the building. Current tenants include Good Start Genetics Inc., Ambri, Genewiz and Cireca Thernostics. Frank Petz and Jessica Hughes of JLL led the JLL Investments Sales team on the transaction.

October 28, 2014

Massachusetts Northeast Retail

KeyPoint Arranges $7M Sale of 127,847 SF Shopping Center

by Amy Works October 24, 2014

PLYMOUTH, MASS. — KeyPoint Partners has brokered the sale of West Plymouth Square, a shopping center located at the intersection of Route 44 and Route 80 in Plymouth. The asset sold for $7 million. Ocean State Job Lot, Planet Fitness, Dollar Tree, Papa Gino’s, Eastern Bank and Plymouth Liquors occupy the 127,847-square-foot shopping center. Jonathan Aron of KeyPoint Partners represented the seller, while Michael Scanio of Cambridge Capital Advisors procured the buyer.

October 24, 2014

Massachusetts New Hampshire Northeast Retail

Marcus & Millichap Arranges $38.6M Sale of Four-Property Net-Leased Portfolio

by Amy Works October 23, 2014

BOSTON — Marcus & Millichap has brokered the sale of a four-property, net-leased drugstore portfolio. The portfolio sold for $38.6 million. The portfolio consists of a 14,320-square-foot Walgreens in Worchester, Mass., which sold for $9.4 million; a 15,013-square-foot CVS in Foxborough, Mass., which sold for $10.5 million; a 13,612-square-foot Walgreens in Merrimack, N.H., which sold for $7.4 million; and a 14,593-square-foot CVS in Clearwater, Fla., which sold for $11.4 million. Robert Horvath and Todd Tremblay of Marcus & Millichap’s Boston office represented the seller, a private New England-based real estate family, and the buyer, a private family completing a 1031 exchange, in the transaction. Kirk Felici of Marcus & Millichap’s Miami office is the firm’s broker of record in Florida.

October 23, 2014

Healthcare Massachusetts Northeast

Skanska USA Completes $6.7M Fit-Out of BIDMC Urgent Care Facility in Newton

by Amy Works October 23, 2014

NEWTON, MASS. — Skanska USA has completed a $6.7 million, 30,000-square-foot fit-out of the new Beth Israel Deaconess Medical Center (BIDMC) Urgent Care facility at Chestnut Hill Square in Newton. The new 30,000-square-foot center offers a variety of modern medical services and technologies, including orthopedics, sports medicine, physical/occupational therapy, radiology, gynecology, urgent care, surgical specialties and phlebotomy labs. For the fit-out, Skanska worked with BIDMC architect Linea 5 and RDK engineers to apply lean construction techniques to the project, which allowed the team to complete the project in seven months. Lean construction is a production management-based approach to product delivery that streamlines processes to maximize value and reduce waste throughout a project. Extensive off-site prefabrication included prefabricating plumbing fixtures, sink units and in-wall electrical and lighting units, reducing the need for on-site storage.

October 23, 2014

Industrial Market Reports Massachusetts Northeast Northeast Market Reports

Boston’s Steady Industrial Market Adds a Few New Wrinkles

by Jaime Lackey October 23, 2014

Boston is known for its top-notch universities that spawn world-class technology, pharmaceutical and bio firms, not to mention its leading money management and financial services base. These factors support one of the most vibrant office, residential and retail markets in the nation. Often overlooked, Boston’s industrial market may not be as glamorous as gleaming new office and multifamily projects rising along the waterfront, but its steady performance and strong recovery are impressive nonetheless. Vacancy in Boston’s 117 million-square-foot industrial market declined 1 percent between the second quarter of 2013 and mid-2014, from 13.2 percent to 12.1 percent. A paucity of new construction and deliveries suggests further vacancy declines. Only 41,000 square feet of industrial product has been delivered through midyear, and 76,000 square feet was under construction at that point. Looking ahead slightly, the industrial market is on track to absorb approximately 1.4 million square feet in 2014, with 680,000 square feet of absorption recorded through June. This total would exceed 2011 and 2012 totals but trail 2013’s 1.8 million square feet of net absorption. Boston’s Bread & Butter and E-commerce High land values and competition from markets such as Central and Northern New Jersey, which can serve broader populations …

October 23, 2014

Massachusetts Multifamily Northeast

Criterion Selects WinnCompanies to Manage 164-Unit Lumiere in Medford

by Amy Works October 20, 2014

MEDFORD, MASS. — Criterion Development Partners has selected WinnResidential, the property management arm of WinnCompanies, to manage its newest apartment community in Medford. Located on Mystic Valley Parkway, Lumiere consists of 164 residential units with a mix of studio, one- and two-bedroom units. Each apartment features hardwood floors, stone counter tops, expansive tall windows and private patios or balconies. On-site amenities include a swimming pool with sun deck, green deck with community garden, a game area, fitness center and a WiFi lounge with seating for private parties and individual use. The first phase, which is currently open for occupancy, features 48 apartments and the sun deck. The second phase will open in January and the final phase will open in February. WinnResidential manages nearly 500 communities across 23 states nationwide with more than 200 located in Massachusetts.

October 20, 2014

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