Over the past decade, urbanization has emerged as one of the most impactful trends to hit the real estate industry. This trend, embodied by the live-work-play concept, has been embraced by all demographic cohorts, from millennials to baby boomers and even retirees. While the impact has been most visible in the urban core, Boston’s suburbs are also being transformed, and the inclusion of pedestrian-oriented retail into new and existing projects is playing the integral role. Modernized, high-traffic retail concepts now provide the coveted ability to work, shop, dine and entertain with the same convenience of downtown while being proximate to the region’s top bedroom communities. The Polaroid Site, Waltham Waltham is Boston’s top suburban office market; however, its biggest drawback had been a lack of real amenities. Sam Park & Company acquired Polaroid’s former headquarters and planned a 1.5 million-square-foot, mixed-use development, which includes Market Basket, Not Your Average Joe’s, Flank, Starbucks and Jake n Joes Sports Grille. The existing and improving amenity package at 1265 Main immediately drew the attention of Clarks, which moved its American headquarters to a new 120,000-square-foot building on the site. MarketStreet Lynnfield Once the Colonial Country Club, MarketStreet Lynnfield is now a mixed-use development …
ROCHESTER, N.Y., AND CLEVELAND — HFF has secured $33.7 million for the refinancing of a 21-building retail portfolio located in the greater Rochester and Cleveland metro areas. The borrower is FX Net Lease Holdings LLC. Chris Hew, Dan Martin and Evan Parker of HFF arranged the 18.5-year, fixed-rate loan with Allegiant Real Estate Capital. Totaling 65,588 square feet, the properties are all triple-net leased to Wendy’s.
NEW YORK CITY — Integra Real Estate Capital has secured $16 million in financing for a retail condominium located at 1809 Emmons Ave. in Brooklyn. Located at the base of The Vue, the two-story condominium features 26,000 square feet of retail space. The Vue is a newly constructed residential tower developed by Rybak Development. Igor Goldenberg of Integra negotiated the 10-year interest-only loan with a CMBS lender for the undisclosed borrower.
WAYLAND, MASS. — EagleBridge Capital has arranged $5.8 million in acquisition and permanent mortgage financing for an undisclosed borrower. Loan proceeds will be used for a long-term ground lease to CVS/pharmacy. Situated on 2.1 acres on Main Street in Wayland, the freestanding retail property will feature 13,900 square feet of space, a drive-thru lane and 60 parking spaces. The property is currently under construction. Ted Sidel and Brian Sheehan of EagleBridge arranged the financing through a leading Massachusetts thrift institution.
TYNGSBOROUGH, MASS. — Senate Construction Co. has been awarded the design/build contract to construct a mixed-use facility in Tyngsborough for Crane Realty Trust. The 50,000-square-foot building will feature office and manufacturing space. Mass Crane & Hoist Inc. will use the facility as its new headquarters.
HUNTINGTON, N.Y. — NAI Long Island has arranged the sale of an office building located at 187 E. Main St. In Huntington. Home Energy Solutions acquired the property from an undisclosed seller for $1.3 million. The building features 4,750 square feet of office space, as well as a large storage area. Gary Pezza of NAI Long Island represented the buyer and seller in the deal.
NEW HAMPSHIRE, VERMONT AND RHODE ISLAND — KeyBank Real Estate Capital has provided a total of $99.8 million in FHA financing for a six-property seniors housing portfolio located across New Hampshire, Vermont and Rhode Island. The skilled nursing facilities total 664 beds and were built between 1972 and 2007. The properties are Ridgewood Center – Bedford in Bedford, N.H.; Mountain Ridge Center in Franklin, N.H.; Keene Center in Keene, N.H.; Harris Hill Center in Concord, Vt.; Mountain View Center in Rutland, Vt; and Kent Regency Center in Warwick, R.I. John Randolph, Laura Conway and Brandon Taseff of KeyBank arranged the financing through the FHA 232/223(f) mortgage insurance program. The loan proceeds were used to pay down an existing KeyBank bridge loan, which funded the acquisition of 28 skilled nursing facilities in 2016. The properties were acquired by a joint venture comprised of Cindat Capital Management, Best Years and Welltower Inc.
NEW YORK CITY — Madison Realty Capital has provided a $64 million construction loan for 200 Kent Avenue, a mixed-use development located in Brooklyn’s Williamsburg neighborhood. The 117,326-square-foot project will feature 50,101 square feet of retail space, 22,055 square feet of office and restaurant space and 45,170 square feet of parking. The retail portion of the development will be anchored by a popular national grocery chain. MRC funded a portion of the $64 million facility at closing to retire existing debt and will provide further advances for construction as the project progresses.
MONROEVILLE, PA. — Ten Capital Management has sold its limited partnership interest in Miracle Mile Retail Center in Monroeville, located 13 miles east of Pittsburgh. M&J Wilkow in a joint venture with ALTO Real Estate Funds acquired the interest in the 299,894-square-foot regional power center. At the time of sale, the property was 98 percent occupied by a variety of tenants, including LA Fitness, Marshalls, PNC Bank, DSW, Old Navy and OfficeMax. The general partner in the interest partnership is an affiliate of Pearson Partners.
CAPE MAY, N.J. — The Diocesan Housing Services Corp. of the Diocese of Camden Inc. (DHSC), MDG Design + Construction, and Hudson Valley Property Group (HVPG) have announced the refinancing of a renovation project at Victorian Towers, an affordable seniors housing community in Cape May, located at the southern tip of coastal New Jersey. The project will result in more than $8 million in capital improvements to the community, and will preserve the affordability of the property for at least 20 additional years. Originally constructed in 1973 to house low-income seniors, Victorian Towers is a six-story development containing 205 studio and one-bedroom apartments as well as 82 parking spaces located near shopping, medical and public transit services. Renovations will include improvements to the units, a redesigned lobby with a seating area and an overhaul of more than 2,000 square feet of community facilities. Exterior work includes the installation of windows and a new Victorian-styled facade. Efficiency upgrades include new air conditioning units and water conservation measures such as the installation of low-flow toilets, shower heads and faucet aerators. DHSC has managed Victorian Towers for decades. As development partners, MDG and HVPG will bring substantial financing and development resources to the …