Massachusetts

United Group Receives $35M Construction Loan for Active Adult Project in Worcester, Massachusetts

by Taylor Williams December 7, 2023

WORCESTER, MASS. — The United Group of Cos. Inc. has received a $35 million construction loan for The Arbella at Bramble Hill, a 123-unit active adult project that will be located in the central Massachusetts community of Worcester. The property will span 17 acres and offer one- and two-bedroom apartments across three buildings. The community will also feature an 8,500-square-foot clubhouse. JLL arranged the debt through The Washington Trust Co. on behalf of United Group. Construction is scheduled for an early 2025 completion.

December 7, 2023

Hospitality Loans Massachusetts Northeast

JLL Arranges Refinancing of 164-Room Copley Square Hotel in Boston

by Taylor Williams December 6, 2023

BOSTON — JLL has arranged a loan of an undisclosed amount for the refinancing of the 164-room Copley Square Hotel in Boston’s Back Bay area. The seven-story boutique hotel was recently renovated and offers a fitness center, communal kitchen and multiple onsite food-and-beverage options. Mike Huth, Amy Lousararian, Maddie Blount and Brandon Smith of JLL arranged the loan through an undisclosed lender on behalf of the borrower, Hawkins Way Capital.

December 6, 2023

Acquisitions Hospitality Massachusetts Northeast

JLL Negotiates Sale of 128-Room Bayside Resort Hotel in Yarmouth, Massachusetts

by Taylor Williams December 1, 2023

YARMOUTH, MASS. — JLL has negotiated the sale of the 128-room Bayside Resort Hotel in Yarmouth, located at the base of Cape Cod. The hotel sits on a 3.9-acre site and offers amenities such as an indoor and outdoor pool, fitness center, family fun center and over 2,300 square feet of meeting and event space. Alan Suzuki, Matthew Enright and Emily Zhang of JLL represented the undisclosed seller in the transaction. The buyer was an entity doing business as Bayside Yarmouth LLC.

December 1, 2023

Development Life Sciences Massachusetts Northeast

Lightstone Life Sciences Nears Completion of 165,000 SF Project in Westwood, Massachusetts

by Taylor Williams November 29, 2023

WESTWOOD, MASS. — Developer Lightstone Life Sciences is nearing completion of The Labs@128 Station, a 165,000-square-foot project in Westwood, a southern suburb of Boston. Upon completion, which is slated for the first quarter of 2024, Labs@128 Station will offer turnkey spaces that will be subdividable down to 5,000 square feet. J. Calnan & Associates is the general contractor for the project. Newmark is the leasing agent.

November 29, 2023

Loans Massachusetts Multifamily Northeast

Largo Capital Arranges $17M Construction Loan for Multifamily Project in Amherst, Massachusetts

by Taylor Williams November 29, 2023

AMHERST, MASS. — Largo Capital, a financial intermediary based in upstate New York, has arranged a $17 million construction loan for a 67-unit multifamily project in Amherst, about 90 miles west of Boston. The property will house a mix of one-, two- and three-bedroom units and roughly 7,000 square feet of ground-floor commercial space. Ned Perlman of Largo Capital arranged the financing. The names of the direct lender and borrower were not disclosed.

November 29, 2023

Affordable Housing Development Massachusetts Multifamily Northeast Seniors Housing

WinnDevelopment Breaks Ground on $55.3M Affordable Seniors Housing Project in Western Massachusetts

by Taylor Williams November 28, 2023

HOLYOKE, MASS. — WinnDevelopment has broken ground on a $55.3 million affordable seniors housing project in the western Massachusetts city of Holyoke. The project will convert a historic mill complex into 88 affordable apartment homes for seniors ages 55 and older. The redevelopment of the Appleton Mill property in downtown Holyoke will create new loft-style apartments in three interconnected, 111-year-old industrial buildings that were once home to the Farr Alpaca Co. and have been vacant for decades. In addition, WinnDevelopment will construct a new community building and connect it to the residential space via a closed skybridge spanning nearby railroad tracks. All 88 apartments will be reserved for low- and moderate-income seniors, with 12 units reserved for households earning below 30 percent of the area median income (AMI), 63 for those below 60 percent of AMI, and 13 for households below 80 percent of AMI. Delivery is slated for spring 2025.

November 28, 2023

Affordable Housing Loans Massachusetts Multifamily Northeast

MassHousing Provides $7.5M in Financing for Multifamily Property in Windsor, Massachusetts

by Taylor Williams November 28, 2023

WINDSOR, MASS. — MassHousing has provided $7.5 million in financing for Prospect Estates, a 25-unit multifamily property located in the western Massachusetts community of Windsor. The borrower, Affordable Housing & Services Collaborative, will use the proceeds to acquire and renovate the property. NEI General Contracting will handle renovations, which will include upgrades to kitchens and bathrooms, as well as building systems and exterior components. The development team will also preserve historic elements of the original structures, such as windows and wood flooring, and add a management office.

November 28, 2023

Civic Development Massachusetts Northeast

W.T. Rich Breaks Ground on 17,000 SF Academic Building in Marlborough, Massachusetts

by Taylor Williams November 22, 2023

MARLBOROUGH, MASS. — Locally based general contractor and construction management firm W.T. Rich has broken ground on a 17,000-square-foot academic building in the western Boston suburb of Marlborough. Designed by Finegold Alexander Architects, the project is a build-to-suit for Advanced Math & Science Academy Charter School and will house classroom and lab space. A completion date was not disclosed.

November 22, 2023

Loans Massachusetts Multifamily Northeast

Cottonwood Group Provides $240M Loan for Refinancing for Multifamily Tower in Boston’s Seaport District

by Taylor Williams November 21, 2023

BOSTON — Cottonwood Group, a Los Angeles-based private equity real estate firm, has provided $240 million loan for the refinancing of the St. Regis Residences, a luxury multifamily tower in Boston’s Seaport District. Built in 2022, the 22-story waterfront building houses 114 residences with private balconies and amenities such as a pool, spa, fitness center, lounge, concierge services and an onsite restaurant. The borrower was Boston-based Cronin Development.

November 21, 2023

Development Massachusetts Multifamily Northeast

Toll Brothers Completes 190-Unit Apartment Complex in Medway, Massachusetts

by Taylor Williams November 21, 2023

MEDWAY, MASS. — Toll Brothers has completed Hathon, a 190-unit apartment complex in Medway, located southwest of Boston. Designed by Boston-based Cube3 Architects with interiors by Chicago-based Mary Cook Associates, Hathon offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Select units offer private balconies/patios. Amenities include a pool, game room, fitness center, playground, catering kitchen, coworking lounge and a rooftop deck. Rents start at $2,450 per month for a one-bedroom apartment.

November 21, 2023

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