CAMBRIDGE, MASS. — A partnership between California-based Township Capital LLC and locally based developer Cabot, Cabot & Forbes (CC&F) has acquired a 66,964-square-foot industrial building in Cambridge. The property is situated in the Alewife area, adjacent to CC&F’s mixed-use campus that is in development and will include 575,000 square feet of lab space, 250 multifamily units and 6,000 square feet of retail space. The seller was not disclosed.
BOSTON — Maryland-based Phillips Realty Capital has arranged two loans totaling $96.2 million for the refinancing and renovation of a pair of multifamily assets totaling 279 units in Boston. In the first transaction, Voya Commercial Mortgage LLC provided funds for Atrium on the Commonwealth, a 187-unit community near Boston University that was originally built in the 1920s as an assembly plant and dealership for Packard Motors. In the second deal, Hingham Institution for Savings provided financing for the 92-unit Longfellow Apartments near Harvard University in Cambridge. That property was originally built in 1917 and features studio, one-, two- and three-bedroom floor plans. Adam Bieber of Phillips Realty Capital led the debt placement efforts in conjunction with Harmon Handorf, Emily Beeler and Bill Wrench. The borrower was full-service real estate firm The Hamilton Co.
CAMBRIDGE, MASS. — Locally based mortgage banking firm Fantini & Gorga has placed $5.2 million in permanent financing for a 31-unit multifamily building located at 1558 Massachusetts Ave. in the Harvard Square area of Cambridge. The five-story building was originally constructed in the 1920s and sits directly across the street from Harvard Law School. Eastern Mortgage Capital provided the loan, which was structured with a 35-year term and a fixed interest rate. The borrower was not disclosed.
BOURNE, MASS. — National self-storage developer True Storage has completed a 1,033-unit facility that will be operated under the CubeSmart brand in Bourne, located at the nexus of Cape Cod and mainland Massachusetts. The facility occupies the site of a former Grand Union supermarket and spans 111,000 square feet. The majority of the units are located indoors and feature climate-controlled space, multiple loading bays and elevator access to the second floor. The remaining units are located outside and offer drive-up access.
BOSTON — Nauset Construction has broken ground on 1180 Boylston Street, a 50-unit multifamily project located at the site of a former gas station in the Brookline area of Boston. Designed by CBT Architects and developed by Chestnut Hill Investments LLC, the six-story building will also house 6,500 square feet of retail space. The property will feature a unit mix of 15 one-bedrooms, 33 two-bedrooms and two three-bedrooms. All units in the building are age-restricted; one resident in each unit must be 55 years or older. In addition, 10 units are reserved for households earning 50 percent or less of the area median income.
CAMBRIDGE, MASS. — Outdoor apparel and equipment retailer REI will open an 8,000-square-foot store at Cambridge Crossing, a 43-acre mixed-use development located at the junction of Boston, Cambridge and Somerville. The opening of the store, which is scheduled for this fall, represents the launch of the retailer’s new small-format prototype and will be located within a newly constructed office and retail building. DivcoWest is the master developer of Cambridge Crossing.
NORTON, MASS. — CBRE has brokered the sale of a 209,643-square-foot industrial facility in Norton, located near the Massachusetts-Rhode Island border. Built in 1986, the property was fully leased to U.S. Cabinet Depot at the time of sale. Building features include a clear height of 28 feet, 20 docks and an ESFR sprinkler system. Scott Dragos, Chris Skeffington, Doug Jacoby, Roy Sandeman, Tim Mulhall, Tony Hayes and Daniel Hines of CBRE represented the seller, Paradigm Capital Advisors, in the off-market transaction. Denver-based Black Creek Group acquired the asset for an undisclosed price.
LAWRENCE, MASS. — KeyBank Real Estate Capital has closed a $25 million Freddie Mac acquisition loan for Saunders Crossing, a 222-unit apartment community in Lawrence, located north of Boston near the Massachusetts-New Hampshire border. The eight-acre, garden-style property was built in phases between 1972 and 2005 and offers studio, one- and two-bedroom floor plans. Amenities include a pool and a business center. Dirk Falardeau and Matt Purtell of KeyBank originated the 10-year, interest-only loan on behalf of the borrower, locally based multifamily investment and management firm Dolben.
HARWICH, MASS. — Cushman & Wakefield has brokered the sale of Wingate at Harwich, a 135-bed skilled nursing facility located in the Cape Cod city of Harwich. Richard Swartz, Jay Wagner, Dan Baker and Jack Griffin of Cushman & Wakefield represented the seller, an undisclosed institutional investor that is exiting the skilled nursing space, in the transaction. The buyer, a regional operator, plans to upgrade the community.
WALTHAM, MASS. — Boston Properties Inc. (NYSE: BXP) has acquired two life sciences buildings totaling 153,000 square feet in the western Boston suburb of Waltham for $100 million in cash. The seller was an affiliate of Los Angeles-based investment firm Montana Avenue Capital Partners LLC. The buildings, located at 153 and 211 Second Ave., were fully leased to an undisclosed pharmaceutical company at the time of sale. The assets are located adjacent to Boston Properties’ 272,000-square-foot building at 200 West St., a portion of which was recently converted into lab space. That property is 100 percent leased to Translate Bio. Following this transaction, Boston Properties now owns approximately 4.9 million square feet of lab and Class A office properties in the Waltham/Lexington area. The submarket has emerged as a major hub of life sciences construction, with companies such as Greatland Realty Partners, The Davis Cos. and Boston Development Group announcing or breaking ground on new projects in the last few months. Boston Properties holds more than 3 million square feet of life sciences space throughout the greater Boston and Los Angeles areas and has about 1 million square feet of life sciences projects in its development pipeline. “The adjacency to …