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.
QUINCY, MASS. — Locally based developer FoxRock Properties has begun leasing Ashlar Park, a four-building, 465-unit multifamily project located at the site of the former Quincy Medical Center on the southern outskirts of Boston. Ashlar Park features studio, one- and two-bedroom units with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a pool, outdoor terrace, fitness center with outdoor yoga space, resident lounge, coworking space, library and a conference room. Citizens Bank provided $128.7 million in construction financing for the project. Rents start at $1,925 per month for a studio apartment.
STOUGHTON, MASS. — Cushman & Wakefield has brokered the sale of the Arbors of Stoughton, a 91-unit assisted living and memory care community in Stoughton, about 20 miles south of Boston. The three-story facility opened in 2009. Richard Swartz, Jay Wagner and Jim Dooley of Cushman & Wakefield represented the seller, a partnership between The Gralia Group and an undisclosed institutional investor, in the transaction. A partnership between KIRCO and Everbrook Senior Living acquired the property. Cushman & Wakefield also arranged the acquisition financing through Comerica Bank on behalf of the borrower.
HUDSON, MASS. — Brokerage firm Horvath & Tremblay has arranged the $21.9 million sale of Center at Hudson, an 84,605-square-foot shopping center located about 30 miles west of Boston. The grocery-anchored center consists of a freestanding, 58,266-square-foot Stop & Shop, which has operated out of that location since 1990 and recently extended its lease, and 26,339 square feet of inline space. Bob Horvath and Todd Tremblay of Horvath & Tremblay represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The deal traded at a cap rate of 6.35 percent.
CONCORD, MASS. — CBRE has arranged the sale of The Prescott at Concord, a 350-unit apartment community located on the northwestern outskirts of Boston. Built in 2012 by Mill Creek Residential, the property consists of 302 apartments and 48 townhomes that feature one-, two- and three-bedroom floor plans. Amenities include a pool, fitness center, dog park, playground, outdoor grilling stations and a resident lounge with an entertainment kitchen. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, an undisclosed institutional investment firm, in the transaction. The team also procured the buyer, BlackRock. The sales price was not disclosed.