Massachusetts

Colliers International Arranges $175M Loan for Granada Highlands in Malden

by Amy Works October 10, 2014

MALDEN, MASS. — Colliers International has arranged $175 million in financing for Granada Highlands, a multifamily community in Malden. The loan will be used to pay off existing debt and the completion of unit renovations and upgrades, plus the construction of an additional 236 units. Situated on 41 acres, Granada Highland currently includes 919 units in 13 buildings. Once the expansion is complete, the property will feature 1,155 units in 15 buildings and upgraded amenities, including a fitness center, business center, media room, outdoor resort-style pool with cabana, basketball courts, tennis courts and professionally landscaped grounds. John Broderick and Kevin Phelan of Colliers secured the financing for the borrower, Metropolitan Properties of America, through JP Morgan Chase.

October 10, 2014

Massachusetts Multifamily Northeast

New Boston Fund, ACDC, Suffolk Top Off One Greenway in Boston

by Amy Works October 9, 2014

BOSTON — New Boston Fund Inc., Asian Community Development Corp. (ACDC), New Boston’s Urban Strategy America Fund and Suffolk Construction have topped off the North Building of One Greenway, a mixed-income residential development located in Boston’s Chinatown neighborhood. The property, which is revitalizing an entire city block on Hudson Street, consists of two buildings bookended by an open space and new pedestrian connection between Hudson and Albany streets. Upon completion in summer 2015, the 312-unit North Building will offer 217 market-rate rentals and 95 affordable rental units. The second building, South Building, will offer 51 middle-income home ownership opportunities within a transit-oriented location. One Greenway received significant public support for its 146 affordable units from the Massachusetts Department of Transportation, the Department of Housing and Community Development, Department of Neighborhood Development and various other city and state agencies. Private investors and lenders include National Real Estate Advisors, PNC Bank, People’s United Bank, Property and Casualty Initiative, Boston Private Bank and RBC Capital Markets. Suffolk Construction is serving as general contractor for the project.

October 9, 2014

Loans Massachusetts Northeast Office

CBRE/NE Arranges Acquisition Financing for 28-Story Office Building in Boston

by Amy Works October 9, 2014

BOSTON — CBRE/New England’s Debt & Structured Finance group has secured acquisition financing for 100 High Street, a 28-story office building located in Boston’s Financial District. The 546,336-square-foot property is currently 64 percent leased to a variety of tenants, including technology companies, law firms and insurance companies. The borrower, CBRE Global Investors, plans to upgrade the property’s building systems and add its signature service and amenity program, including conference facilities and outdoor meeting areas. Carlos Febres-Mazzei, Kyle Juszczyszyn, Alex Bradley and Taylor Shepard of CBRE/NE secured the financing through GE Capital Real Estate.

October 9, 2014

Massachusetts Northeast Office

Rubenstein Properties Fund II Buys 84-Acre Business Park for $13M

by Amy Works October 8, 2014

TEWKSBURY, MASS. — Rubenstein Properties Fund II has acquired 495 Business Center, a commercial office park located in Tewksbury, for $13 million. The property consists of four conjoined buildings totaling approximately 722,422 rentable square feet at 200, 300, 400 and 500 Network Center Dr. The property, which is the birthplace of Wang Computers, is currently occupied by a mix of tenants, including office, R&D, laboratory, manufacturing and flex. Rubenstein Partners and its partner, Genesis Management Group, plan to renovate and reposition the property.

October 8, 2014

Massachusetts Multifamily Northeast Seniors Housing

Congress Building Corp., LCB Senior Living Break Ground on Assisted Living Facility in Easton

by Amy Works October 8, 2014

EASTON, MASS. — Peabody, Mass.-based Congress Building Corp., serving as construction manager, has broken ground for the construction of The Residence at Five Corners, a senior housing community being developed in Easton. The 84-unit assisted care facility will be owned and operated by Norwood, Mass.-based LCB Senior Living. Located at 678 Depot St., the facility will offer a mix of assisted living, independent living and memory care residences for seniors. The property is slated to open in late 2015.

October 8, 2014

CBRE-NE-38-Chauncy-Summer-Street-Portfolio

Loans Massachusetts Northeast Office

CBRE/NE Arranges Acquisition Financing for Summer Street Portfolio

by Amy Works October 7, 2014

BOSTON — CBRE/New England’s Debt & Structured Finance team has secured two separate acquisition loans for a three-building portfolio and an office building in Boston. The team secured $21.4 million from Brookline Bank for the Summer Street Portfolio, which comprises 71, 77 and 87 Summer Street in Boston and $27.8 million from Rockland Trust for 38 Chauncy Street in Boston. CBRE/NE’s Carlos Febres-Mazzei, Kyle Juszczyszyn, Chris Coutts, Alex Bradley and Taylor Shepard arranged the financing on behalf of Synergy Investments and DivcoWest. The Summer Street Portfolio totals 90,070 square feet and is 97 percent occupied. 38 Chauncy Street recently underwent significant capital improvements with several million invested in base building enhancements to the heating and cooling systems, elevators and lobby.

October 7, 2014

Massachusetts Multifamily Northeast

Marcus & Millichap Arranges $9.1M Sale of 266-Unit Apartment Building

by Amy Works October 6, 2014

SPRINGFIELD, MASS. — Marcus & Millichap has brokered the sale of Morgan Square Apartments, a 266-unit residential property located in Springfield. A limited liability company purchased the asset for $9.1 million from an undisclosed financial institution. Converted from a manufacturing and production facility to a residential building in 1987, the property features a mix of 13 studio, 158 one-bedroom units, 24 one-bedroom lofts, 32 one-bedroom platform units, 38 two-bedroom units and one three-bedroom unit. On-site amenities include a fitness center, elevators in each building, laundry facilities and off-street parking. Victor Nolletti, Steve Witten, Gary Witten and Todd Tremblay of Marcus & Millichap represented the seller; Nolletti, Steve Witten and Gary Witten also represented the buyer in the transaction.

October 6, 2014

Industrial Loans Massachusetts Northeast

NorthMarq Capital Arranges $9.9M Loan for Industrial Building

by Amy Works October 2, 2014

PEABODY, MASS. — NorthMarq Capital’s Boston office has secured $9.9 million in refinancing for an industrial property located at 3 Technology Way in Peabody. The property offers 160,000 square feet of Class A industrial space. The commercial mortgage was structured with a 10-year term and a 30-year amortization schedule. Michael Chase of NorthMarq arranged the financing for the borrower through its correspondent relationship with a Guardian Life Insurance Company.

October 2, 2014

Market Reports Massachusetts Northeast Northeast Market Reports

Boston Retail: 2013 was Great and 2014 Will Beat It

by admin April 10, 2014

If 2013 was considered a year of great health in New England retail real estate, we’ll likely need to craft stronger superlatives to describe 2014. Exciting new projects circling metro Boston, rising retailer demand, and a flood of capital chasing retail centers were consistent stories throughout 2013 and will only amplify in 2014. Surprisingly quiet during the prior decade, grocers are now driving much of the activity and creating the lion’s share of the retail headlines. With Whole Foods inhaling five Food-master stores, opening in Lynnfield and exploring any other site that comes available and with Wegmans committed in the Fenway, set to open in Burlington and Chestnut Hill and construction finally underway in Westwood, stories of supermarket growth were ubiquitous throughout 2013. The recent announcement of a new Star Market at North Station provides evidence that the new entity behind the Shaw’s chain may have quickly turned around the grocery operator’s downward spiral while the team at Roche Bros. surprised many in the industry with a small store in Medfield and an urban store to join the Millennium Tower project at Downtown Crossing. And Market Basket? Here’s to hoping that 2014 provides a clearer path for the powerhouse local …

April 10, 2014

Market Reports Massachusetts Northeast Northeast Market Reports

Boston Strong: Solid Fundamentals Will Drive Office Market Activity In 2014

by admin March 27, 2014

Metropolitan Boston continues to enjoy robust economic expansion and exceptionally strong real estate fundamentals. Strength in local housing prices, wages and consumer confidence demonstrated during 2013, coupled with low inflation and increases in consumer spending, will enable the economy’s growth to continue well into 2014 and beyond. With an unemployment rate among the strongest in the U.S. (7.1 percent as of November 2013), Massachusetts continues to thrive due to the presence of world-class educational, medical and research institutions. State GDP grew an estimated 3.5 percent in the third quarter of 2013, according to MassBenchmarks, following a revised 1.7 percent increase in the second quarter of the year. The publication forecasts 3.4 percent growth in state GDP from October through March. Commercial real estate saw falling vacancies, rising rents and new construction across most property types. In 2013, 5.5 million square feet of new inventory was delivered, including 3.1 million square feet of multifamily residential and 1.9 million square feet of office. More than 16 million square feet is under construction — three times greater than the previous five-year average in metro Boston — including 7 million square feet of multifamily residential, 6.9 million square feet of office and 2.2 million …

March 27, 2014

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