HINGHAM, MASS. — Newmark has brokered the $45.2 million sale of Lincoln Plaza, a 127,505-square-foot shopping center located about 20 miles south of Boston in Hingham. A 68,087-square-foot Stop & Shop grocery store and a 31,882-square-foot Marshalls anchor the center, which was 99 percent leased at the time of sale. Robert Griffin, Jon Martin, Paul Penman and Matthew Adler of Newmark represented the seller, AEW, in the transaction and procured the buyer, a subsidiary of Jumbo Capital Inc. Casey O’Brien and Connor Scott of Newmark provided financial analysis support for the deal.
BOSTON — The Community Builders (TCB) and the Boston Housing Authority (BHA) have broken ground on the redevelopment of the Mildred C. Hailey Apartments in the state capital’s Jackson Square neighborhood. The project will replace 253 existing units with two six-story buildings that will house 223 units that will be subject to a range of income restrictions. Another 516 units will remain in the public housing program under BHA ownership. The project also includes the construction of a 6,800-square-foot community center and 1,520 square feet of commercial space. A timeline for completion was not disclosed.
SOMERVILLE, MASS. — US2, a joint venture between Magellan Development, RAS Development LLC, Cypress Equity Investments and Affinius Capital, has begun leasing Prospect Union Square, a 450-unit apartment community located outside of Boston in Somerville. Designed by Howeler + Yoon, Prospect Union Square consists of a midrise building and a 25-story tower, both of which are situated within the USQ mixed-use development. Units come in studio, one- and two-bedroom floor plans and are furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a pool, fitness center, coworking lounge, game room, outdoor grilling and dining areas and a package locker system. Rents start at $2,460 per month for a studio apartment. Move-ins will begin in July.
STOUGHTON, MASS. — Michigan-based development and management firm KIRCO has purchased Brookmeadow at Blue Hills, a 91-unit assisted living and memory care complex in the southern Boston suburb of Stoughton. The property was built in 2009. Cushman & Wakefield arranged both the sale of the property and subsequent acquisition financing. KIRCO plans to invest about $4 million in capital improvements to the property.
BOSTON — A partnership between two local developers, RISE and City Realty Group, has received approval from the Boston Planning & Development Agency to construct a 72-room boutique hotel at 330 C St. in South Boston. Designed by Group One Partners, the 46,600-square-foot hotel will offer a fitness center, onsite restaurant and bar and a rooftop terrace. Construction is scheduled to begin in the third quarter of next year. The project is expected to create about 50 permanent jobs and 150 temporary construction jobs.
MassDevelopment Provides $129M in Bond Financing for Opus Newton Seniors Housing Project Near Boston
NEWTON, MASS. — MassDevelopment has provided $129 million in tax-exempt bond financing for the construction of Opus Newton, a 174-unit seniors housing project that will be located on the western outskirts of Boston. The borrower and developer is locally based nonprofit organization 2Life Communities. Construction began in March and is scheduled for completion in mid-2025. Opus Newton, an age-restricted complex with units reserved for renters age 62 and above, is being constructed on four acres at 777 Winchester St. The property will house 62 two-bedroom units and 112 one-bedroom apartments. Amenities will include a library, café, business center, game room, volunteer hub, convenience store, art room, fitness studio and classrooms. In addition, onsite staff will be available to coordinate home and health services based on resident needs. According to the development team, Opus Newton will meet the needs of seniors who earn too much to qualify for affordable housing units but cannot comfortably afford other high-end housing options in the area. Of the property’s 174 units, nine will be reserved for households earning 80 percent or less of the area median income. The market-rate units will partially maintain low rents by using volunteers from the community in place of some …
MEDFORD, MASS. — Boston-based developer RISE, in partnership with local owner the Matarazzo Family, will develop a $200 million life sciences project in Medford, a northern suburb of Boston. The eight-story building at 4054 Mystic Valley Parkway will house 311,535 square feet of lab, research and development and office space, as well as ground-floor retail space. In addition, the facility will have a below-ground parking garage, dedicated indoor bike storage and a landscaped public plaza. Dave Douvadjian Sr. and Harrison Zucco of Newmark arranged an undisclosed amount of acquisition financing for the project. CUBE3 is the project architect, and Jacobs is the civil engineer. A construction timeline was not released.
HUDSON, MASS. — SVN | Parsons Commercial Group | Boston has arranged the $2 million sale of a 10,750-square-foot industrial property in Hudson, about 40 miles west of Boston. The property comprises two buildings totaling 8,750 and 2,000 square feet on a 1.7-acre site at 561 Main St. Alex Wood of SVN | Parsons Commercial represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity, in the transaction.
ATTLEBORO, MASS. — MassHousing and HarborOne Bank have jointly provided $11.3 million in financing for a project that will convert a former mill in Attleboro, about 40 miles south of Boston, into a 43-unit residential complex. The building was originally constructed in 1908 and formerly housed the manufacturing operations of Pcraft Jewelry. The financing included construction debt, a bridge loan and state and federal tax credit equity. All units will be rented at market rates. A construction timeline was not disclosed.
HOLYOKE, MASS. — Northeast Private Client Group (NEPCG) has brokered the sale of a portfolio of five multifamily buildings totaling 109 units in the western Massachusetts community of Holyoke. The buildings offer a mix of floor plans as well as retail spaces. Taylor Perun, Alex Burr and Cameron Formica of NEPCG represented the buyer and seller, both of which requested anonymity, in the transaction.