Massachusetts

Alexandria Sells 268,000 SF Portion of Life Sciences Development to Boston Children’s Hospital

by Kristin Harlow June 28, 2023

BOSTON — Alexandria Real Estate Equities Inc. (NYSE: ARE) has sold 268,000 rentable square feet within 421 Park Drive, a 660,034-square-foot life sciences development to be built in Boston. An affiliate of Boston Children’s Hospital was the buyer. Upon completion, 421 Park Drive will be part of the larger Alexandria Center for Life Science-Fenway mega campus, which will total more than 2 million square feet at full build-out. The campus, developed in partnership with Samuels & Associates, boasts numerous amenities, proximity to both Cambridge and the Longwood Medical Area, and convenient transportation access. Alexandria will develop and operate 421 Park Drive, which will feature open space, direct connections to the Massachusetts Bay Transportation Authority (MBTA) Fenway station, bicycle and pedestrian paths, and retail space on the ground floor. The price of the portion sold to Boston Children’s Hospital is approximately $155 million, along with development fees to be earned by Alexandria over the next three years. Boston Children’s Hospital will continue to fund its pro rata share of the costs to develop 421 Park Drive. Vertical construction is scheduled to begin later this year and to be substantially completed in 2026. The transaction with Boston Children’s Hospital results in 48.5 …

June 28, 2023

Development Massachusetts Multifamily Northeast

Greystar Begins Leasing 330-Unit Mason Apartments in Everett, Massachusetts

by Taylor Williams June 22, 2023

EVERETT, MASS. — South Carolina-based developer Greystar has begun leasing Mason, a 330-unit apartment community located in the northeastern Boston suburb of Everett. Designed by CBT Architects, the property offers studio, one- and two-bedroom units with stainless steel appliances and quartz countertops. Amenities include a pool, fitness center, outdoor grilling and dining stations and a dog park. According to the property website, rents start at $2,200 per month for a studio apartment.

June 22, 2023

Loans Massachusetts Northeast Retail

Protective Life Provides $10.5M Loan for Refinancing of Shopping Center in New Bedford, Massachusetts

by Taylor Williams June 22, 2023

NEW BEDFORD, MASS. — Protective Life, the Alabama-based holding company of Protective Life Insurance Co., has provided a $10.5 million loan for the refinancing of Rockdale Plaza, a 100,015-square-foot shopping center located in the southern Massachusetts city of New Bedford. Grocer Stop & Shop anchors the center. The borrower, Yale Realty Services Corp., acquired the property in 1997.

June 22, 2023

Acquisitions Massachusetts Northeast Retail

Atlantic Capital Partners Arranges Sale of 64,917 SF Retail Property in Metro Boston

by Taylor Williams June 21, 2023

FRAMINGHAM, MASS. — Atlantic Capital Partners, a division of Boston-based Atlantic Realty, has arranged the sale of a 64,917-square-foot retail property in Framingham, a western suburb of Boston, that is leased to grocer Stop & Shop. The site spans 7.6 acres and has an average daily traffic count of more than 68,500 vehicles. Justin Smith, Chris Peterson, Sam Koonce and Danielle Donovan of Atlantic Capital Partners represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

June 21, 2023

Life Sciences Loans Massachusetts Northeast Top Stories

Boylston Properties, J.P. Morgan Receive $150M Refinancing for 100 Forge Life Sciences Building Near Boston

by Kristin Harlow June 21, 2023

WATERTOWN, MASS. — Boylston Properties and J.P. Morgan Global Alternatives have received a $150 million loan from Northwestern Mutual for the refinancing of 100 Forge, a life sciences building located in Arsenal Yards in Watertown, approximately nine miles west of Boston. The nine-story, 165,600-square-foot building opened in January and is now fully occupied by five life sciences companies: Abata Therapeutics, Remix Therapeutics, Mariana Oncology, Vigil Neuroscience and Affini-T Therapeutics. Ayers Saint Gross designed the building. The owners will use the funds to pay off a construction loan sourced from Bank OZK in 2021. JLL Capital Markets arranged the refinancing, with Northwestern Mutual as the lender. The life sciences campus at Arsenal Yards now includes 10 life sciences businesses across three buildings: 100 Forge, 500 Forge and 200 Arsenal Yards Blvd. In addition to owning the properties, Boylston is also the property manager. Arsenal Yards and its proximity to Cambridge and Boston creates a unique urban-suburban experience for life sciences users, according to Boylston. There are dozens of restaurants, bars, shops and fitness studios nearby, as well as a hotel, grocery store, movie theater, childcare services, apartments and open outdoor spaces. “Despite the significant headwinds experienced this year, greater Boston is …

June 21, 2023

Development Life Sciences Massachusetts Northeast

King Street Completes $170M Life Sciences Project in Cambridge, Massachusetts

by Taylor Williams June 20, 2023

CAMBRIDGE, MASS. — Locally based developer King Street Properties has completed a $170 million life sciences project located at 101 Cambridgepark Drive in Cambridge. King Street partnered with California-based Healthpeak Properties on the 160,000-square-foot project, which features both traditional office and laboratory space within a five-story building. The property also includes 3,000 square feet of street-level retail space with outdoor seating. Dimella Shaffer served as the architect of the project, which opened fully preleased. Consigli Construction Co. served as the general contractor.

June 20, 2023

Development Massachusetts Mixed-Use Northeast Top Stories

Tishman Speyer Receives $750M in Construction Financing for Mixed-Use Project in Boston

by Taylor Williams June 19, 2023

BOSTON — New York City-based real estate giant Tishman Speyer has received $750 million in construction financing for Phase I of Harvard Enterprise Research Campus, a 900,000-square-foot mixed-use project that will be located in the Allston neighborhood of Boston. Phase I of the development will consist of two life sciences buildings totaling 440,000 square feet, a 343-unit apartment complex and a hotel, all of which will be developed on a nine-acre parcel. Tishman Speyer is developing the project in partnership with the Harvard Allston Land Co. The site is adjacent to the Harvard Business School and Harvard Science & Engineering Complex in Allston. Breakthrough Properties, a joint venture of Tishman Speyer and Bellco Capital, will oversee the development, operations and leasing of the life sciences component. Tishman Speyer will also develop a conference facility on behalf of Harvard University. Within the multifamily component, 25 percent of the units will be designated as affordable housing for households earning between 30 and 100 percent of the area median income. At full build-out, Enterprise Research Campus will also include retail and restaurant space, as well as two acres of open green space that will host farmers markets, live music and outdoor fitness classes. …

June 19, 2023

Acquisitions Massachusetts Multifamily Northeast

NEPCG Negotiates $12.8M Sale of Willard Street Apartments in Lowell, Massachusetts

by Taylor Williams June 8, 2023

LOWELL, MASS. — Regional brokerage firm Northeast Private Client Group (NEPCG) has negotiated the $12.8 million sale of Willard Street Apartments, a 72-unit multifamily complex in Lowell, a northern suburb of Boston. The three-building property houses three studios, 24 one-bedroom units and 45 two-bedroom apartments. Francis Saenz, Drew Kirkland, Jim Casey, Brad Carlson and Brett Curtis represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The new ownership plans to implement a value-add program.

June 8, 2023

Development Massachusetts Multifamily Northeast

RISE, btcRE to Develop 46-Unit Multifamily Project in Everett, Massachusetts

by Taylor Williams June 8, 2023

EVERETT, MASS. — A partnership between two locally based developers, RISE and btcRE, will build a 46-unit multifamily project at 52 School St. in Everett, a northern suburb of Boston. The four-story building will feature a mix of studio, one- and two-bedroom units, and seven residences will be reserved for renters earning 80 percent or less of the area median income. Needham Bank provided financing for the construction of the project, which is scheduled to begin in the third quarter.

June 8, 2023

Affordable Housing Development Massachusetts Multifamily Northeast

POAH Breaks Ground on 168-Unit Affordable Housing Redevelopment in Somerville, Massachusetts

by Taylor Williams June 7, 2023

SOMERVILLE, MASS. — The Preservation of Affordable Housing (POAH) has broken ground on Phase I of Clarendon Hill, a multifamily redevelopment project in the northern Boston suburb of Somerville that will add 168 affordable housing units to the local supply. The entire development, which is located on Powder House Boulevard, will ultimately consist of 591 units. Phase I will feature 41 one-bedroom apartments, 121 two-bedroom residences and six three-bedroom units that will be reserved for residents earning between 30 and 80 percent of the area median income. Bank of America provided construction financing for the project, which is being developed in partnership with the Somerville Community Corp. and the Somerville Housing Authority. Phase I is slated for a fall 2024 completion. Clarendon Hill was originally built in 1948 as a residence for veterans returning from WWII. MassHousing also provided financing to fund renovations and preserve the property’s affordability status.

June 7, 2023

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