Massachusetts

Korean Investment Group Buys 95 Percent Stake in Downtown Boston Office Tower

by Taylor Williams January 6, 2022

BOSTON — A Korean investment group led by Hana Financial and KTB Asset Management has purchased a 95 percent stake in Congress Square, a 371,996-square-foot office tower located at 40 Water St. in downtown Boston. The group purchased the stake from Related Fund Management, which will retain the remaining 5 percent interest and continue to manage the property. Paul Gillen, Anthony Ledesma, Daniel Parker and Allie Boyan of Atlanta-based Hodges Ward Elliott (HWE) arranged the recapitalization of Congress Square, which included refinancing of existing debt. Lawrence Britvan and Jordan Kirkbride of HWE placed that loan through global asset management firm KKR.

January 6, 2022

900-Middlesex-Turnpike-Billerica-Massachusetts

Acquisitions Industrial Massachusetts Northeast

CBRE Negotiates $23.7M Sale of Industrial Building in Billerica, Massachusetts

by Taylor Williams January 5, 2022

BILLERICA, MASS. — CBRE has negotiated the $23.7 million sale of a 91,649-square-foot industrial building located in the northern Boston suburb of Billerica. The property features a clear height of 26 feet and 268 parking spaces. Scott Dragos, Chris Skeffington, Doug Jacoby, Anthony Hayes, Roy Sandeman, Tim Mulhall and Dan Hines of CBRE represented the seller, The RAM Cos., in the transaction. The buyer was locally based investment firm The Davis Cos.

January 5, 2022

Acquisitions Massachusetts Northeast Retail

Bulfinch, Harrison Street Buy Metro Boston Retail Property

by Taylor Williams January 5, 2022

NATICK, MASS. — An affiliate of Boston-based Bulfinch Cos., in partnership with Chicago-based Harrison Street, has purchased a 94,000-square-foot retail property in the western Boston suburb of Natick. Neiman Marcus currently occupies the two-story building, which is contiguous to Brookfield Properties’ Natick Mall, but plans to vacate the space in September. The new ownership plans to redevelop the property but did not share specific plans.

January 5, 2022

Development Life Sciences Massachusetts Northeast

Greatland Realty Partners Tops Off 180,000 SF Life Sciences Project in Metro Boston

by Taylor Williams January 4, 2022

LEXINGTON, MASS. — Greatland Realty Partners has topped off Revolution Labs, a 180,000-square-foot life sciences project located in the northwestern Boston suburb of Lexington. Greatland is developing the project in partnership with Singerman Real Estate. SGA is the project architect, and Callahan Construction Managers is the general contractor. The development team began construction in late April 2021 and expects the building to be available for occupancy in the fourth quarter. The project also includes the development of a 442-space parking garage.

January 4, 2022

Acquisitions Industrial Massachusetts Northeast

CBRE Negotiates $18M Sale of Industrial Building in Woburn, Massachusetts

by Taylor Williams January 4, 2022

WOBURN, MASS. — CBRE has negotiated the $18 million sale of a 66,225-square-foot industrial building in the northern Boston suburb of Woburn. The building is located at 225 Wildwood Ave. and features clear heights of 17.5 to 23 feet. Scott Dragos, Chris Skeffington, Doug Jacoby, Anthony Hayes, Roy Sandeman, Tim Mulhall, and Dan Hines of CBRE represented the seller, GFI Partners, in the transaction. The buyer was San Francisco-based Berkeley Partners.

January 4, 2022

Loans Massachusetts Multifamily Northeast

Berkadia Provides $64.1M Agency Loan for Refinancing of Boston-Area Multifamily Portfolio

by Taylor Williams January 3, 2022

BOSTON AND CAMBRIDGE, MASS. — Berkadia has provided a $64.1 million Freddie Mac loan for the refinancing of the Brookline Cambridge Portfolio, a collection of five multifamily properties in the Boston area. Two of the properties, Auburn Harris Courtyard and St. Paul Gardens, are located in the Brookline area. The other three — Wendell Terrace, Brattle Arms and John Harvard Apartments — are located across the Charles River in Cambridge. Robert Lipson of Berkadia originated the financing on behalf of the locally based borrower, Chestnut Hill Realty.

January 3, 2022

Acquisitions Massachusetts Northeast Retail

Sterling Organization Buys Metro Boston Retail Center for $44.3M

by Taylor Williams January 3, 2022

BRAINTREE, MASS. — Sterling Organization, a Florida-based private equity real estate firm, has purchased Tedeschi Plaza, a 174,344-square-foot retail center in the southern Boston suburb of Braintree, for $44.3 million. A 66,124-square-foot Stop & Shop grocery store anchors the property, and other tenants include CVS, Crunch Fitness, Sherwin Williams, Dunkin’ and Citizens Bank. JLL represented the seller, Denver-based Black Creek Group, in the transaction.

January 3, 2022

Loans Massachusetts Multifamily Northeast

Cornerstone Arranges $9M Loan for Refinancing of Boston Apartment Building

by Taylor Williams January 3, 2022

BOSTON — Cornerstone Realty Capital has arranged a $9 million loan for the refinancing of a 23-unit apartment building in Boston’s historic Washington Street Corridor. The newly constructed building houses studio, one-, two-, three- and four-bedroom units with quartz countertops, stainless steel appliances and tile backsplashes. Cornerstone arranged the loan, which carried a fixed interest rate and a 30-year amortization schedule, on behalf of the buyer, Boston Real Estate Collaborative.

January 3, 2022

Development Massachusetts Multifamily Northeast

Greystar Nears Completion of 126-Unit Multifamily Project in Boston

by Taylor Williams December 23, 2021

BOSTON — South Carolina-based Greystar is nearing completion of a 126-unit multifamily project in Boston’s historic Bay Village neighborhood. Designed by Sasaki and Höweler + Yoon, the property rises 19 stories and spans 150,000 square feet, including ground-floor retail space. Boston-based Transom Real Estate handled the permitting and entitlement processes prior to selling the site to Greystar. Construction began in March 2020, and full completion is slated for next summer.

December 23, 2021

Development Life Sciences Massachusetts Northeast Top Stories

Joint Venture Receives $246M Construction Loan for Life Sciences Project in Metro Boston

by Katie Sloan December 23, 2021

SOMERVILLE, MASS. — A partnership between Leggat McCall Properties, DLJ Real Estate Capital Partners and Deutsche Finance America (DFA) has received $246 million in construction financing for 808 Windsor, a life sciences development located roughly four miles outside Boston in Somerville. Brett Paulsrud and Henry Schaffer of JLL Capital Markets secured the five-year loan through Bank OZK. 808 Windsor will be positioned adjacent to the newly developed Union Square MBTA Green Line Station within Boynton Yards, a master-planned development that is set to span up to 1.35 million square feet. The 11-story property will include 346,000 square feet of state-of-the-art lab space, 7,000 square feet of retail and 242 below-grade parking spaces. A timeline for the development was not announced. Boston remains a top life sciences market in the U.S., with recently announced projects including the conversion of a 105,000-square-foot building in suburban Boston and the conversion of a 102,727-square-foot office building in Boston’s Seaport District into life sciences space, among others. Leggat McCall Properties is an owner, developer and service provider for corporate, educational and healthcare properties across the greater Boston area. The company has developed over 42 million square feet of projects over the past 10 years. …

December 23, 2021

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