Massachusetts

MassHousing Provides $23.5M in Financing for Metro Boston Affordable Seniors Housing Expansion

by Taylor Williams September 22, 2021

NEWTON, MASS. — MassHousing has provided $23.5 million in financing for the expansion of Golda Meir House in the western Boston suburb of Newton. The project will expand the existing 199-unit affordable seniors housing property, adding 68 new apartment homes that will be reserved for renters at various income levels that fall below the area median income. The capital stack includes $17 million in Low-Income Housing Tax Credit equity allocated by the Massachusetts Department of Housing & Community Development, as well as various other subsidies. The borrower and developer is 2Life Communities. Prellwitz Chilinski Associates is the project architect, and Colantonio Inc. is the general contractor. Construction is expected to be complete in spring 2023. Golda Meir House was originally built between 1978 and 1995 and was renovated in 2018.

September 22, 2021

Acquisitions Massachusetts Multifamily Northeast Seniors Housing

Blueprint Brokers Sale of Skilled Nursing, Assisted Living Community in Northbridge, Massachusetts

by Taylor Williams September 22, 2021

NORTHBRIDGE, MASS. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a seniors housing campus featuring 154 skilled nursing beds and 26 assisted living units in the Worcester suburb of Northbridge. The community, which was not named, was built in 1970 on 13 acres. It totals 93,000 square feet following expansions in 1995 and 2005. Owner-operator Salmon Health and Retirement sold the property as a non-core community in its portfolio. A Massachusetts-based investor acquired the asset for an undisclosed price.

September 22, 2021

Affordable Housing Loans Massachusetts Multifamily Northeast

MassHousing Provides $31.4M for Refinancing, Preservation of Boston Affordable Housing Community

by Taylor Williams September 21, 2021

BOSTON — MassHousing has provided $31.4 million for the refinancing and preservation of Franklin Park, an affordable housing community in Boston’s Dorchester/Roxbury neighborhood. The unit mix consists of 95 one-bedroom units, 99 two-bedroom apartments, 10 three-bedroom residences, five four-bedroom apartments and 10 five-bedroom units. The financing will preserve the affordable status for 155 of the property’s 219 units for another 29 years. In addition, the borrower, The Community Builders Inc., will use a portion of the proceeds to fund capital improvements.

September 21, 2021

Leasing Activity Massachusetts Northeast Retail

Floor & Décor to Open 70,000 SF Store in Waltham, Massachusetts on Sept. 23

by Taylor Williams September 20, 2021

WALTHAM, MASS. — Atlanta-based home improvement retailer Floor & Décor will open a 70,000-square-foot store at 80 Second Ave. in the western Boston suburb of Waltham on Thursday, Sept. 23. The store, which will be the retailer’s third location in Massachusetts, will include warehouse space and a design center. Floor & Décor has hired about 50 full- and part-time associates to work at the store.

September 20, 2021

Acquisitions Massachusetts Northeast Office

Newmark Brokers $180M Sale of Cambridge Highlands Office, R&D Campus in Cambridge

by Taylor Williams September 17, 2021

CAMBRIDGE, MASS. — Newmark has brokered the $180 million sale of Cambridge Highlands, a 228,592-square-foot office and R&D campus located on a 9.7-acre site in the greater Boston area. The four-building campus serves as the headquarters of Raytheon BBN Technologies, a division of global aerospace and defense giant Raytheon. Robert Griffin, Edward Maher, Matthew Pullen, Michael Byrne, Samantha Hallowell and Thomas Greeley of Newmark represented the seller, New York-based Clarion Partners, in the transaction. The team also procured the undisclosed buyer.

September 17, 2021

Affordable Housing Development Massachusetts Multifamily Northeast Office

Leggat McCall, Granite Underway on 475,000 SF Redevelopment Project Near Boston

by Taylor Williams September 17, 2021

EAST CAMBRIDGE, MASS. — A partnership between Leggat McCall Properties and Granite Properties is underway on the redevelopment of a former courthouse building located at 40 Thorndike St. in East Cambridge. The redevelopment will add 48 affordable housing apartments, as well as office and retail space and a childcare facility. Elkus Manfredi Architects is designing the project, and John Moriarty & Associates is serving as the general contractor. JLL arranged $300 million in construction financing through Bank OZK on behalf of the partnership and has been retained to provide leasing services. JLL also secured joint venture equity for the project through CBRE Global Investors. Completion is slated for fall 2023.

September 17, 2021

Acquisitions Massachusetts Northeast Retail

Marcus & Millichap Brokers $9.7M Sale of Retail Asset Leased to Lowe’s in Abington, Massachusetts

by Taylor Williams September 15, 2021

ABINGTON, MASS. — Marcus & Millichap has brokered the $9.7 million sale of a 102,000-square-foot retail asset located at 400 Bedford St. in Abington, located south of Boston. The property is leased to Lowe’s Home Improvement. Jim Koury and Alex Quinn of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

September 15, 2021

Acquisitions Industrial Massachusetts Northeast

JLL Brokers Sale of 47,915 SF Industrial Property in Malden, Massachusetts

by Taylor Williams September 14, 2021

MALDEN, MASS. — JLL has brokered the sale of a 47,915-square-foot light industrial property in Malden, located north of Boston. Originally built in 1958, the facility was fully leased at the time of sale to Enjet Aero, a provider of custom turbine and jet engine components. JLL represented the seller, Eastern Real Estate, in the transaction. Michael Restivo and Jonathon Schneider of JLL arranged a five-year, fixed-rate acquisition loan through Middlesex Savings Bank on behalf of the buyer, Boston-based Novaya Real Estate Ventures.

September 14, 2021

Acquisitions Massachusetts Northeast Retail

RPT Realty to Purchase Grocery-Anchored Shopping Center in Metro Boston for $131.5M

by Kristin Harlow September 13, 2021

DEDHAM, MASS. — RPT Realty (NYSE: RPT) is under contract to purchase a 510,000-square-foot, grocery-anchored shopping center in Dedham near Boston for $131.5 million. Stop & Shop is the anchor tenant. Other tenants at the property, which is nearly 92 percent occupied, include TJ Maxx, Dick’s Sporting Goods, Starbucks and Chipotle. The acquisition is expected to close in the fourth quarter. R2G Venture LLC, RPT’s joint venture platform focused on grocery-anchored assets, will be utilized to acquire the property.

September 13, 2021

Development Massachusetts Multifamily Northeast

M2G Group Nears Completion of 38-Unit Apartment Project in East Boston

by Taylor Williams September 10, 2021

BOSTON — Developer MG2 Group is nearing completion of 319 & Park, a 38-unit apartment project in East Boston. The luxury rental community will feature one-, two- and three-bedroom units with stainless steel appliances, quartz countertops, slab cabinetry and hardwood flooring. Private outdoor spaces will also be available in select units. Elevated Cos. is leasing the property. Full completion is slated for early 2022.

September 10, 2021

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