WOBURN, MASS. — Boston Sports & Shoulder Center will open a 6,100-square-foot clinic in Woburn, located on the northern outskirts of the state capital. The clinic, which is slated to open this spring, will be the provider’s fifth in Massachusetts. Mary Burnieika and John Boyle of Cushman & Wakefield, in conjunction with internal agents Steve Cusano and John Halsey, represented the landlord, Cummings Properties, in the lease negotiations. The tenant representative was not disclosed.
SHREWSBURY, MASS. — Cornerstone Realty Capital has arranged a $53 million construction loan for Edgemere Crossing, a 250-unit multifamily project in Shrewsbury, located in Worcester County in the central part of Massachusetts. Edgemere Crossing will house 116 one-bedroom units and 134 two-bedroom units that will be furnished with stainless steel appliances, granite countertops, individual washers and dryers and private balconies/patios. Amenities will include a pool, clubhouse, fitness center, conference area, dog park and outdoor grilling and dining stations. The borrower and developer is a joint venture between The Dolben Co. and Belmont Capital. The direct lender was not disclosed.
SWAMPSCOTT, MASS. — Regional developer and operator WinnCos. has received $69.1 million in financing for The Westcott, a 114-unit affordable housing project in Swampscott, a northeastern suburb of Boston. Units at The Westcott will come in studio, one-, two- and three-bedroom formats and will be reserved for renters earning between 30 and 110 percent of the area median income. The Massachusetts Executive Office of Housing & Livable Communities provided Low-Income Housing Tax Credit equity for the project. MassHousing provided bridge and permanent financing, and both the Swampscott Affordable Housing Trust and North Shore HOME Consortium contributed funds to the development. Construction is underway, with the first units expected to be available for occupancy next year.
ASHLAND, MASS. —JLL has arranged the recapitalization of the Residence at Valley Farm, an 80-unit seniors housing property located about 25 miles west of Boston in Ashland. LCB Senior Living developed the three-story facility on a 2.9-acre site in 2015. Under the terms of the recapitalization, LCB Senior Living will stay on as co-owner, while Blue Moon Capital Partners will replace Bridge Investment Group as the other owner. Jay Wagner, Rick Swartzand Jim Dooley led the JLL investment sales and advisory team on the deal.
HATFIELD, MASS. — The Yankee Candle Co. has opened a 360,000-square-foot warehouse and distribution center in the Central Massachusetts city of Hatfield. The company will occupy the entirety of the building at 142 Elm St., which was constructed in 1968 and totals 359,938 square feet, according to LoopNet Inc. Joe Garvey of Cushman & Wakefield and Mitch Bolotin of Colebrook Realty Services represented the tenant in the lease negotiations. Tyler McGrail, J.R. McDonald, Eric Jeremiah and Margaret Fee of Newmark represented the landlord, Boston-based FoxRock Properties.
MassHousing Provides $21M in Financing for Mixed-Income Housing Project in Shrewsbury, Massachusetts
SHREWSBURY, MASS. — MassHousing has provided $21 million in financing for The Pointe at Hills Farm, a 93-unit mixed-income housing project in Shrewsbury, located just outside of Worcester. The borrower and developer is WinnCos. The financing consists of a $10.3 million permanent loan, $7.9 million in tax credit equity and $2.8 million from the agency’s workforce housing initiative. Of the 93 units, 56 will be reserved for households earning between 30 and 60 percent of the area median income, while 21 will be designated as workforce housing. The remaining 16 apartments will be rented at market rates. Units will come in studio, one-, two- and three-bedroom floor plans. Construction is underway and expected to last about 18 months.
BOSTON — New York-based investment firm Aker has acquired Pelham Hall Apartments, a 148-unit mid-rise building in Boston’s Brookline area, for $70 million. The building was originally constructed in 1926 and includes 14,601 square feet of retail space. Units come in studio, one-, two- and three-bedroom floor plans, and amenities include a fitness center, laundry facilities and a rideshare lounge. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the undisclosed seller in the transaction. John Kelly of CBRE arranged acquisition financing for the deal.
HUDSON, MASS. — Los Angeles-based investment firm TruAmerica Multifamily has acquired J Highlands at Hudson, a 158-unit complex located on the western outskirts of Boston. Built on 12 acres in 2005, the property offers one-, two- and three-bedroom units. Amenities include a fitness center, resident clubhouse, community kitchen, playground, basketball court, dog park and outdoor grilling and dining stations. Mike Coyne, Travis D’Amato, Maggie McFarland and Brendan Shields of Walker & Dunlop represented the undisclosed seller in the transaction. Russell Dey and Trevor Fase, also with Walker & Dunlop, arranged acquisition financing for the deal.
NORTH ATTLEBOROUGH, MASS. — BWE has provided a $13.1 million Freddie Mac acquisition loan for Branches of North Attleboro, a 104-unit seniors housing property in North Attleborough, located near the Massachusetts-Rhode Island border. The property offers assisted living and memory care services and amenities such as a salon, fitness center, library, courtyards and various recreational spaces. Taylor Mokris and Ryan Stoll of BWE originated the nonrecourse, fixed-rate loan on behalf of the undisclosed borrower. Benchmark Senior Living operates the property.
WILMINGTON, MASS. — CBRE has negotiated the $49.5 million sale of a 187,589-square-foot warehouse and distribution facility in Wilmington, a northern suburb of Boston. The property features clear heights of 24 to 30 feet and was fully leased at the time of sale. Scott Dragos, Chris Skeffington, Doug Jacoby, Roy Sandeman, Tim Mulhall, Tony Hayes and Dan Hines of CBRE represented the seller, locally based investment firm Marcus Partners, in the transaction. The buyer was a partnership between two Boston-based firms, Oliver Street Capital and Bain Capital Real Estate.