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Massachusetts

Cliffside-Apartments-Sunderland-Massachusetts
LoansMassachusettsMultifamilyNortheast

Eastern Union Arranges $39M Agency Loan for Refinancing of Multifamily Property in Sunderland, Massachusetts

by Taylor Williams

SUNDERLAND, MASS. — New York-based Eastern Union has arranged a $39 million Fannie Mae loan for the refinancing of The Cliffside Apartments, a 280-unit multifamily property in Sunuderland, located in the central part of Massachusetts. The property was built in 1976 and offers one-, two-, three- and four-bedroom units, as well as townhouses, with an average size of 532 square feet. Michael Muller of Eastern Union arranged the floating-rate loan on behalf of the undisclosed borrower as part of a portfolio transaction that included a $44.8 million loan for a 256-unit property in nearby Amherst. Newmark originated the financing via its status as a Fannie Mae Delegated Underwriting & Servicing (DUS) lender.

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DevelopmentLife SciencesMassachusettsNortheast

Bayer Opens $140M Research, Innovation Center in Boston’s Kendall Square

by Taylor Williams

BOSTON — German pharmaceutical giant Bayer has opened a $140 million research and innovation center within Kendall Square, located on the Boston-Cambridge border. About 100 employees will work at the two-story, 61,200-square-foot facility, which houses a molecular oncology research center with labs and offices. In addition, the center employs a newly established research team focused on leveraging chemical biology techniques to further propel the company’s oncology drug development process.

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AcquisitionsMassachusettsMultifamilyNortheast

CBRE Brokers $59.2M Sale of Orchard Apartments in Marlborough, Massachusetts

by Taylor Williams

MARLBOROUGH, MASS. — CBRE has brokered the $59.2 million sale of The Orchard Apartments, a 156-unit multifamily community located in the western Boston suburb of Marlborough. Built in 2002, the property comprises 17 two- and three-story buildings that house lofts, one- and two-bedroom units with an average size of 1,121 square feet. Amenities include a pool, fitness center and a clubhouse. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an affiliate of metro Boston-based National Development, in the transaction. The team also procured the buyer, an affiliate of global investment management firm Nuveen Real Estate.

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74-Middlesex-Avenue-Somerville-Massachusetts
DevelopmentLife SciencesMassachusettsNortheast

Greystar Underway on 465,000 SF Life Sciences Project in Somerville, Massachusetts

by Taylor Williams

SOMERVILLE, MASS. — South Carolina-based developer Greystar is underway on vertical construction of 74 Middlesex Avenue, a 465,000-square-foot life sciences project in Somerville, a northern suburb of Boston. The site is located within the Assembly Square mixed-use district. Designed by Elkus Manfredi Architects, the transit-oriented, 15-story building will feature ground-floor retail space, a health and wellness center, conference rooms and a 2,000-square-foot rooftop deck. Completion is scheduled for spring 2024. The project marks Greystar’s initial foray into the life sciences sector.

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AcquisitionsMassachusettsMultifamilyNortheast

CBRE Brokers $35.2M Sale of Apartment Complex in Westwood, Massachusetts

by Taylor Williams

WESTWOOD, MASS. — CBRE has brokered the $35.2 million sale of Residences at Highland Glen, a 102-unit apartment complex in Westwood, a southwestern suburb of Boston. Constructed in 2006, the age-restricted property comprises two four-story buildings with one- and two-bedroom units, 60 of which were recently renovated. Amenities include a fitness center and a clubroom. Simon Butler, Biria St. John, John McLaughlin, Aron Will and John Sweeny of CBRE represented the locally based seller, National Development, in the transaction. The buyer was Massachusetts-based Claremont Cos.

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LoansMassachusettsMultifamilyNortheast

Eastern Union Arranges $44.8M Agency Loan for Refinancing of Multifamily Property in Amherst, Massachusetts

by Taylor Williams

AMHERST, MASS. — New York-based Eastern Union has arranged a $44.8 million Fannie Mae loan for the refinancing of The Boulders, a 256-unit multifamily property in Amherst, located in the central part of Massachusetts. The market-rate property was built in 1974 and offers two-bedroom units with an average size of 844 square feet. Michael Muller of Eastern Union arranged the floating-rate loan, which carries four years of interest-only payments on behalf of the undisclosed borrower. Newmark originated the financing via its status as a Fannie Mae Delegated Underwriting & Servicing (DUS) lender.

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The-Graphic-Lofts-Charlestown
AcquisitionsMassachusettsMultifamilyNortheast

CBRE Brokers $96.3M Sale of Apartment Complex in Charlestown, Massachusetts

by Taylor Williams

CHARLESTOWN, MASS. — CBRE has brokered the $96.3 million sale of The Graphic Lofts, a 171-unit apartment complex in the Sullivan Square neighborhood of Charlestown, a northern suburb of Boston. Built in 2019, the property houses studio, one-, two- and three-bedroom units with an average size of 843 square feet, as well as 5,723 square feet of retail space. Amenities include a fitness center, coffee bar, game room, community kitchen and a rooftop deck with grilling stations. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an affiliate of Boston-based Berkeley Investments, in the transaction. The team also procured the buyer, an affiliate of Denver-based EverWest Real Estate Investors.

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DevelopmentIndustrialMassachusettsNortheast

LPC, Angelo Gordon Break Ground on 120,600 SF Spec Industrial Project in Metro Boston

by Taylor Williams

MARLBOROUGH, MASS. — A partnership between Dallas-based Lincoln Property Co. (LPC) and New York-based alternative investment firm Angelo Gordon has broken ground on a 120,600-square-foot industrial project in the western Boston suburb of Marlborough. The speculative facility will feature a clear height of 32 feet and 10 loading docks. ARCO National Construction is the general contractor for the project, and LPC will also handle leasing. Completion is slated for the second quarter of 2023.

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AcquisitionsMassachusettsNortheastRetail

CBRE Brokers $26.2M Sale-Leaseback of Two Honda Dealerships in Central Massachusetts

by Taylor Williams

AUBURN AND GREENFIELD, MASS. — CBRE has brokered the $26.2 million sale of the Lundgren Honda dealerships located in the Central Massachusetts cities of Auburn and Greenfield. The Auburn property was built in 2012 and spans 55,870 square feet. The Greenfield property was constructed in 2005 and totals 12,807 square feet. The family-owned and -operated dealership and its affiliate real estate company, Lundgren Equity Partners, sold the sites to Pennsylvania-based Legacy Automotive Capital. Karly Iacono of CBRE represented both parties in the transactions.

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585-Third-St.-Cambridge
DevelopmentLeasing ActivityLife SciencesMassachusettsNortheast

Takeda Signs 600,000 SF Life Sciences Lease in Cambridge’s Kendall Square Area

by Taylor Williams

CAMBRIDGE, MASS. — Japanese pharmaceutical giant Takeda has signed a 600,000-square-foot life sciences lease in Cambridge’s Kendall Square neighborhood. Takeda will occupy the entirety of the 16-story building at 585 Third St., which is being developed by San Diego-based REIT BioMed Realty and is slated for a 2026 completion. CBT Architects designed the facility, which will include 15,000 square feet of flexible space and a 300-seat theater, both of which will be open to the public. CBRE represented BioMed Realty in the lease negotiations. Cushman & Wakefield represented Takeda.

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