BOSTON — The Wentworth Institute of Technology, a private educational institution located in Boston, has received a $50 million, tax-exempt bond from MassDevelopment for the construction of a new athletic facility. The facility, which will be publicly accessible and will host events for youth sports, will feature a playing field that will be constructed atop a 50,000-square-foot parking structure with 330 spaces. A construction timeline was not disclosed. TD Bank subsequently purchased the bond.
DEDHAM, MASS. — Coworking concept Industrious has opened a 35,441-square-foot flexible workspace in Dedham, a southwestern suburb of Boston. Industrious Legacy Place will be a pet-friendly space with a total of 400 seats and 13 conference and meeting rooms, as well as lounges and a library. The space is the seventh in the Boston area for Industrious, which has more than 150 locations across 65 U.S. and international cities.
CAMBRIDGE, MASS. — San Diego-based REIT BioMed Realty has broken ground on 585 Kendall, a 600,000-square-foot life sciences facility in the Kendall Square area of Cambridge that will be a build-to-suit for Japanese pharmaceutical giant Takeda. CBT Architects designed the facility, which will include a 30,000-square-foot performing arts center with a 400-seat theater that will be open to the public. Completion of the project is slated for 2026.
BRAINTREE, MASS. — Virginia-based investment firm Anchor Health Properties has acquired a 47,530-square-foot medical office building in the southern Boston suburb of Braintree for $15.1 million. Robert Griffin, Frank Nelson, Michael Greeley and Blake McLaughlin of Newmark represented the seller, Foxfield LLC, in the transaction and procured Anchor Health as the buyer. The building was 94 percent leased to 16 tenants at the time of sale.
BOSTON — Urban Edge, in partnership with the Massachusetts Department of Housing & Community Development (MDHCD), will develop a 65-unit affordable housing project at 1599 Columbus Ave. in Boston. The property will house one-, two- and three-bedroom units that will be reserved for renters earning up to 30 and 60 percent of the area median income, as well as 3,200 square feet of retail space. Utile Inc. is the project architect, and Bald Hill Builders is the general contractor. Completion is slated for spring 2024. MassHousing provided financing for the project.
CAMBRIDGE, MASS. — MassHousing has provided an $8.5 million construction loan for Rindge Commons, a 24-unit affordable housing project in Cambridge. Designed by ICON Architecture and built by Dellbrook JKS, the six-story building will house 10 one-bedroom units and 14 two-bedroom units that will be reserved for renters earning up to 30 and 60 percent of the area median income. In addition, Rindge Commons will feature a 40,000-square-foot space with education facilities and administrative offices, as well as preschool classroom spaces with priority enrollment for children of residents. The borrower and developer is nonprofit Just A Start.
BOSTON — South Carolina-based developer Greystar has completed a 126-unit multifamily project at 212 Stuart St. in Boston’s Back Bay neighborhood. Designed by Sasaki and Höweler + Yoon, the 19-story building houses 1,200 square feet of retail space. Units come in studio, one-, two- and three-bedroom formats and range in size from 500 to 2,100 square feet. Amenities include a fitness center with a yoga studio, outdoor dining and entertainment space, library and a rooftop terrace. Rents start at roughly $4,000 per month for a studio apartment.
BOSTON — King Street Properties has broken ground on Allston LabWorks, a $915 million mixed-use project located near Boston University. The 4.3-acre site at 305 Western Ave. will house a 580,905-square-foot complex with life sciences, multifamily and retail uses. Specifically, Allston LabWorks will comprise 534,000 square feet of life sciences space, 20,000 square feet of retail space and 35 multifamily units, a quarter of which will be reserved as affordable housing. Lastly, the development will feature a 12,000-square-foot public plaza and event space. King Street Properties is developing the project in a joint venture with Brookfield and Mugar Enterprises, with DiMella Shaffer and Consigli Construction Co. respectively serving as the architect and general contractor. The facilities are expected to be available for occupancy by late 2024.
WRENTHAM, MASS. — A partnership between Dallas-based Lincoln Property Co. and San Francisco-based private equity firm Stockbridge has begun construction on a 176,800-square-foot speculative industrial project in Wrentham, about 40 miles southwest of Boston. The site spans 34.5 acres and is located one mile from I-495. Building features will include a clear height of 32 feet, 35 dock doors, 130-foot truck court depths, 113 car parking spaces and 33 trailer parking stalls. ARCO National Construction Co. is the general contractor for the project, completion of which is slated for late 2023.
WESTON, MASS. — Newmark has arranged financing for Riverside Labs, a 340,000-square-foot life sciences project in Weston, a western suburb of Boston. Riverside Labs will comprise three buildings, the first of which is slated for a summer 2023 delivery. David Douvadjian Sr., Timothy O’Donnell, Brian Butler, David Douvadjian Jr. and Conor Reenstierna of Newmark arranged the debt through Royal Bank of Canada on behalf of the borrower, a partnership between Greatland Realty Partners and Rockwood Capital. The loan, the amount of which was not disclosed, is part of Royal Bank of Canada’s $150 million total commitment to the development.