WAREHAM, MASS. — MassHousing has provided $16.3 million in financing for the development of a 93-unit affordable housing project in Wareham, located near Cape Cod in the southern part of The Bay State. The development will consist of two complexes that will feature a range of floor plans and income restrictions, as well as shared amenities. The financing includes $8.4 million in permanent financing, a $6.6 million bridge loan and $1 million from the agency’s workforce housing initiative. The borrower is Pennrose LLC.
HAVERHILL, MASS. — Locally based developer RISE is nearing completion of a multifamily redevelopment project at 86 Essex St. in Haverhill, a northern suburb of Boston. The project is converting a seven-story former industrial building in the downtown area that was originally constructed in 1910 into a 42-unit apartment complex that will be known as Essex Street Lofts. Full completion is scheduled for October.
BOSTON — A partnership between nonprofit owner-operator Beacon Communities and the Chinese Consolidated Benevolent Association of New England Inc. (CCBA) has broken ground on Pok Oi, an 85-unit affordable housing project in Boston’s Chinatown district. The complex will offer one-, two- and three-bedroom units that will be reserved for renters earning 80 percent or less of the area median income. Nine units will be specifically set aside for citizens experiencing homelessness. Citizens Bank provided construction financing for the project, and MassDevelopment issued tax-exempt bonds. Completion is slated for late 2024.
BOSTON — Deloitte has signed a 138,000-square-foot office lease at Winthrop Center, an 812,000-square-foot mixed-use complex in downtown Boston. The accounting giant plans to take occupancy in fall 2024. Regional developer Millennium Partners owns Winthrop Center, which offers amenities such as a fitness facility and meeting and event space. CBRE represented both parties in the negotiations for the lease, which is the largest to be executed within the Boston office market this year, according to multiple media sources including The Boston Globe.
BURLINGTON, MASS. — Envision Energy, a Chinese provider of wind turbines and other renewable energy products, has signed a 35,276-square-foot life sciences lease in Burlington, a northwestern suburb of Boston. The tenant has committed to a full-building lease within Northwest Park, a facility that is owned by Nordblom Co. Jim Boudrot, Steve James and Patrick Grady of Hunneman represented the tenant in the lease negotiations.
LAKEVILLE, MASS. — Marcus & Millichap has brokered the sale of Community Square Storage, a 496-unit self-storage facility located about 35 miles south of Boston in Lakeville. Built on 3.3 acres in 2022, the three-story facility spans 53,462 net rentable square feet across 436 climate-controlled units and 60 non-climate-controlled units. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was also not disclosed. Thomas Shihadeh of Marcus & Millichap assisted in closing the deal as the broker of record.
PEABODY, MASS. — Marcus & Millichap has brokered the sale of Andover Street Self Storage, a 1,100-unit facility located on the northern outskirts of Boston in Peabody. The facility spans 76,396 net rentable square feet. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was not disclosed. Thomas Shihadeh of Marcus & Millichap assisted in closing the deal as the broker of record.
BOSTON — Shawmut Design & Construction has completed the renovation of the Four Seasons Boston, a 273-room hotel located roughly midway between the state capital’s Back Bay and downtown areas. The project team upgraded the lobby and arrival area and added new art installations. A new lounge and restaurant called Coterie also recently opened at the property. An entity doing business as FSH Boylston Inc. owns the hotel.
HAVERHILL, MASS. — Marcus & Millichap has brokered the $4.5 million sale of a 142,000-square-foot office building in Haverhill, located north of Boston near the Massachusetts-New Hampshire border. Built in 1911 and renovated in 2005, the eight-story building, which has conversion potential, was leased to more than 70 tenants at the time of sale. Luigi Lessa and Harrison Klein of Marcus & Millichap represented the seller, a family ownership group, in the transaction. The duo also procured the buyer.
MIDDLEBOROUGH, MASS. — Massachusetts-based Christmas Tree Shops will close all of its roughly 70 stores, according to reports from multiple mainstream news outlets including CNN and USA Today. Previously, the chain planned to sell, following filing for Chapter 11 bankruptcy in May. Now, all stores will be closed, unless a last-minute buyer comes forward. Formerly, the brand was owned by Bed Bath & Beyond, which sold the concept to Handil Holdings in 2020 and filed for bankruptcy itself earlier this year.