HOLBROOK, MASS. — NEI General Contracting has completed construction of Maple on Franklin, a seniors housing project located about 15 miles south of Boston in Holbrook. NeighborWorks Housing Solutions developed the $18.5 million project, which spans 67,000 square feet and features 72 one-bedroom units for residents age 62 and older. The Narrow Gate served as the architect of the project, which involved the demolition of two existing buildings on the site. More than 500 applications were submitted for the 72 available units.
NORTON, MASS. — Locally based developer Condyne Capital Partners has completed a 220,000-square-foot industrial project in Norton, located about 40 miles south of Boston. The building is part of Phase II of Bluestar Business Park. Polar Design Build handled design and construction of the project, which features a clear height of 32 feet, 47 dock doors, EV charging stations and a solar-ready rooftop. Other project partners included Maugel DeStefano Architects, CBC Engineering, Flood Consulting and DiPrete Engineering.
BEDFORD, MASS. — A partnership between Redgate, Optimum Asset Management and AEW Capital Management has delivered Bedford Labs, a 288,000-square-foot life sciences project located about 20 miles northwest of Boston. The partnership delivered the project fully preleased to biotechnology firm Sarepta Therapeutics, and with the building shell and core completed, the development team is now underway on the interior build-out. Bedford Labs sits on a 52-acre site and includes a 28,000-square-foot amenity space.
BOSTON — Newmark has negotiated the sale of 855 Boylston, a 142,765-square-foot office building in Boston’s Back Bay area. The building was fully leased to 13 tenants at the time of sale and offers an updated lobby and glass curtainwall, as well as multiple outdoor terraces and 32 below-grade parking spaces. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark represented the seller, an undisclosed global investment manager, in the transaction. The buyer and sales price were not disclosed.
ABINGTON, MASS. — Marcus & Millichap has brokered the $2.5 million sale of a portfolio of three multifamily buildings totaling 16 units in Abington, about 25 miles south of Boston. The portfolio spans a combined 1.2 acres and consists of one studio apartment, 13 one-bedroom units and two two-bedroom residences. Tony Pepdjonovic and Evan Griffith of Marcus & Millichap represented the seller, an individual/personal trust, in the transaction and procured the buyer, a locally based limited liability company.
FRAMINGHAM, MASS. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $5 million Freddie Mac acquisition loan for a 26-unit apartment building in Framingham, a western suburb of Boston. The property is known as The Grant Street Complex and houses a mix of one-, two- and three-bedroom units. Robert Bhat of MMCC originated the financing. The borrower and direct lender were not disclosed.
AGAWAM, MASS. — Marcus & Millichap has brokered the $2.8 million sale of a 37,650-square-foot industrial building in Agawam, located just south of Springfield in western Massachusetts. The building, which was fully occupied at the time of sale, sits on a 3.4-acre site and features five loading docks and 40 parking spaces. Harrison Klein of Marcus & Millichap represented the seller, a group of private investors, in the transaction. Tom Hovey and Eric Suffoletto of Atlantic Capital Partners represented the buyer, an individual/personal trust.
WAREHAM, MASS. — Pennrose will develop a 93-unit affordable housing project in Wareham, located in southern Massachusetts near the base of Cape Cod. The development will consist of a 49-unit complex with a mix of workforce and affordable apartments and a 44-unit affordable development for seniors aged 62 and older. Units will come in one-, two- and three-bedroom apartments and will be reserved for renters earning between 30 and 100 percent of the area median income. Completion is slated for summer 2024.
CAMBRIDGE, MASS. — CBRE has negotiated the sale of Hanover North Cambridge, an apartment community in North Cambridge. A fund advised by Goldman Sachs Asset Management purchased the asset from The Hanover Co. and its institutional partner for $182 million. Completed in 2022, Hanover North Cambridge offers 294 units, as well as more than 26,000 square feet of amenity space. The property is also home to a 7,067-square-foot, Caribbean-inspired restaurant, and is built over a podium that offers two levels of covered parking. Community amenities include a lobby with a reception area; clubroom with a projector screen and shuffleboard court; co-working lounge; private meeting spaces; and fitness center. According to the property website, Hanover North Cambridge offers studio, one-, two- and three-bedroom floor plans. Rental rates range from $2,976 per month for a studio to $6,284 per month for a three-bedroom apartment. The property is LEED Gold-certified. The community is located adjacent to the MBTA Alewife Station, giving residents train access to the greater Cambridge and Boston areas. Cambridge is home to more than 32 million square feet of office space, as well as Harvard University and the Massachusetts Institute of Technology (MIT). A CBRE Capital Markets team consisting of Simon …
CHARLESTOWN, MASS. — Locally based developer RISE has received approval from the Boston Planning & Development Agency for a 750,000-square-foot mixed-use project that will be located in the Charlestown area on the city’s north side. Designed by CBT Architects, the project is known as 40 Roland Street and is part of the larger redevelopment of Sullivan Square. Full plans call for 126 residential units, 20 percent of which will be earmarked as affordable housing, as well as 605,300 square feet of office and life sciences space, 31,685 square feet of retail and restaurant space and 70,799 square feet of open green space. These uses will be housed across three buildings and five parcels. The development team, which also expects the project to add about 2,000 permanent jobs to the local economy, will make infrastructural improvements to roadways and landscaping as part of the project.