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Massachusetts

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Affordable HousingLoansMassachusettsMultifamilyNortheast

MassHousing Provides $21M in Financing for Mixed-Income Housing Project in Shrewsbury, Massachusetts

by Taylor Williams

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.

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AcquisitionsMassachusettsMultifamilyNortheast

Aker Acquires Boston Apartment Building for $70M

by Taylor Williams

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.

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AcquisitionsMassachusettsMultifamilyNortheastWalker & Dunlop

TruAmerica Multifamily Acquires 158-Unit Complex in Hudson, Massachusetts

by Taylor Williams

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.

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LoansMassachusettsMultifamilyNortheastSeniors Housing

BWE Provides $13.1M Agency Acquisition Loan for Seniors Housing Property Near Providence

by Taylor Williams

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.

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AcquisitionsIndustrialMassachusettsNortheast

CBRE Negotiates $49.5M Sale of Industrial Facility in Wilmington, Massachusetts

by Taylor Williams

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.

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DevelopmentLoansMassachusettsMixed-UseMultifamilyNortheastRestaurantRetailTop Stories

Madison Realty Capital Provides $177.5M Loan to Refinance SCAPE Boylston Apartments in Boston

by Jeff Shaw

BOSTON — Madison Realty Capital has provided a $177.5 million loan to Scape, a London-based multifamily developer that opened its U.S. headquarters in Boston in 2018. The loan will refinance the $165 million construction loan for SCAPE Boylston, a 415-unit apartment development that opened earlier this month in Boston’s Fenway neighborhood. The 226,700-square-foot property offers a mix of furnished studios, one- and two-bedroom apartments with Class A retail space on the ground floor. The apartments are already 95 percent occupied, and the retail space is 80 percent leased. Retail tenants include a global bank; Immersive Gamebox; Carbon Health; Dave’s Hot Chicken; Halal Guys; and a 10,000-square-foot, 156-seat, LGBTQ-focused black box theater. Tenant amenities include a landscaped terrace, fitness center, yoga room, co-working space, lounge library and study. The site is located near prominent academic and medical institutions including Boston University and Northeastern University, as well as Fenway’s rapidly growing biotech and life sciences industries. The lights of Fenway Park, home of Major League Baseball’s Boston Red Sox, are visible from the community, which is a block away from a Red Line MBTA train station. “Fenway is a premier academic and employment hub within Boston with substantial demand for efficiently designed, …

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Talia-Apartments-Marlborough-Massachusetts
AcquisitionsMassachusettsMultifamilyNortheast

CBRE Brokers $74M Sale of Talia Apartments in Marlborough, Massachusetts

by Taylor Williams

MARLBOROUGH, MASS. — CBRE has brokered the $74 million sale of Talia, a 225-unit apartment complex located in the western Massachusetts suburb of Marlborough. Talia offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a fitness center, business center, outdoor grilling and dining stations, a pet spa, game room, coffee bar, courtyard and walking/jogging trails. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, a partnership between Fairfield Properties and an unnamed institutional investor, in the transaction. The buyer was a fund advised by regional investment firm The DSF Group.

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Leasing ActivityLife SciencesMassachusettsNortheastOffice

Vaisala Signs 28,000 SF Office, Life Sciences Lease in Burlington, Massachusetts

by Taylor Williams

BURLINGTON, MASS. — Vaisala has signed a 28,000-square-foot office and life sciences lease in the northwestern Boston suburb of Burlington. The Finnish manufacturer of environmental and industrial measurement devices is relocating from nearby Woburn to GenLabs, a 320,000-square-foot facility located at 3 Van de Graaff Drive. Alex Plaisted, Ryan Romano and Christian Vallis of CBRE brokered the deal. A partnership between Jumbo Capital and funds advised by Apollo Global Management owns GenLabs.

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DevelopmentMassachusettsMultifamilyNortheastSeniors Housing

Kisco Senior Living to Develop 159-Unit Complex in Boston

by Taylor Williams

BOSTON — California-based owner-operator Kisco Senior Living will develop The Newbury at Brookline, a 159-unit complex that will be located on the west side of Boston. The site is located on the historic former Newbury College campus. The facility will ultimately comprise 81 independent living units, 38 assisted living residences and 40 memory care units via 190,000 square feet of new construction and 20,000 square feet of restoration to the historic Mitton House. The complex is scheduled to open next fall.

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Leasing ActivityMassachusettsNortheastRestaurantRetail

Blackbird Doughnuts, Chip City Open Stores at Arsenal Yards in Metro Boston

by Taylor Williams

WATERTOWN, MASS. — A pair of confectionaries, Blackbird Doughnuts and cookie maker Chip City, have opened stores at Arsenal Yards, a mixed-use development located in the western Boston suburb of Watertown. Grand opening celebrations for both stores took place last weekend. A partnership between Wilder Cos. and Boylston Properties owns Arsenal Yards.

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