LAWRENCE, MASS. — MassDevelopment and Reading Cooperative Bank have provided a $6.6 million loan for a project that will convert two vacant buildings in Lawrence, located near the Massachusetts-New Hampshire border, into a 24-unit affordable housing complex. The buildings previously housed a mix of office and retail uses, and the residential complex will include a food hall in the remaining retail space. MassDevelopment and Reading Cooperative Bank were equal participants in the loan, and MassDevelopment also enhanced the loan with a guarantee. Construction will begin in July and last about a year. The borrower is The Jowamar Cos.
Technology, like commercial real estate, becomes increasingly vulnerable to the need for replacement and updates over time. Just as multifamily landlords can update properties by periodically replacing outmoded flooring and fixtures to suit the latest occupier preferences, technology must also keep up with the latest trends. For the best renter experience, multifamily properties need Internet connectivity that will serve residents as their technological needs grow and their tolerance for frequent outages diminishes. Disruptions associated with repairs or network upgrades can threaten customer satisfaction and renewal rates. Unfortunately for many landlords who rely on traditional telecommunications lines for their properties’ Internet, modern usage is straining older infrastructure. Booming wireless technology use is gobbling up bandwidth to connect everything from consumers’ phones and laptops to fitness monitors, smart TVs and other household appliances. As a vice president of product catalog who has worked for over a decade at broadband service provider Pavlov Media, John Danner understands the problem of limited Internet bandwidth all too well. He is eager to see technological improvements that will replace these old systems. “The old copper infrastructure can’t meet the requirements of the next generation of wireless connectivity,” explains Danner. “With fiber-optic connections, the sky is the …
WEST WINDSOR, N.J. — New Jersey-based developer Woodmont Properties has completed the lease-up of Woodmont Way, a 443-unit apartment community in West Windsor, located outside of Trenton in Mercer County. The property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, pickleball and bocce ball courts, a golf simulator, theater room, game room and a dog park. Woodmont Way is now fully occupied. Information on starting rents was not disclosed.
SPRINGFIELD, MASS. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $24 million loan for the refinancing of Marriott Springfield Downtown, a 266-room hotel that overlooks the Connecticut River in western Massachusetts. Robert Damigella of MMCC originated the five-year loan, which was structured with an interest rate of 6.25 percent, 25-year amortization schedule and a 47 percent loan-to-value ratio. The borrower and direct lender were not disclosed.
TRENTON, N.J. — Locally based firm Hx2 Development is underway on construction of a 100,000-square-foot life sciences project in Trenton’s Chambersburg neighborhood. The transit-served facility, which is known as Building 114, will be located within Roebling Center, a five-building, 7.1-acre mixed-use redevelopment. Shell construction of the building is expected to be complete by the end of the year. JLL has been appointed as the leasing agent.
PASSAIC, N.J. — Locally based brokerage firm Gebroe-Hammer Associates has negotiated the $4.5 million sale of a 23-unit apartment complex located in the Northern New Jersey community of Passaic. The four-story building at 82 Paulison Ave. was constructed in the early 20th century and exclusively houses one-bedroom units. Debbie Pomerantz of Gebroe-Hammer represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
MAYNARD, MASS. — Alaka’i Technologies, a locally based provider of air mobility systems, has signed an 18,473-square-foot office lease in Maynard, a western suburb of Boston. Trevor Holmes and Garrett Quinn of SVN | Parsons Commercial Group | Boston represented the tenant, which is taking space at the 1.1 million-square-foot Mill & Main complex, in the lease negotiations. James Tambone of Lincoln Property Co. represented the landlord, an entity doing business as AS Clocktower LLC.
NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $86.7 million sale of Dunbar Apartments, a 538-unit historic apartment community in Harlem. The 10-building complex was constructed in 1928 and occupies a full city block. Locally based developer Fairstead sold the asset to private investor Isaac Herskovitz. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of Rosewood, along with Steven Vegh of Westwood Realty Associates, brokered the deal, which traded at a cap rate of 7.67 percent. MF1 Capital provided $83 million in acquisition financing.
HAVERHILL, MASS. — Locally based owner-operator The Procopio Cos. is underway on construction of The Beck, a 290-unit, transit-served multifamily project that will be located in the northern Boston suburb of Haverhill. The Beck will consist of two five-story residential buildings and more than 6,000 square feet of retail space. The development also includes the construction of a 1.4-acre public waterfront park with an amphitheater. Dellbrook | JKS is the construction manager of the project, and CUBE3 is the architect. Needham Bank provided construction financing. Completion is slated for spring 2025.
CHARLESTOWN, MASS. — Developer Hood Park LLC has topped out a 186,000-square-foot life sciences facility in the northern Boston suburb of Charlestown. The five-story building at 100 Hood Park Drive will complement an existing structure that features 61,139 square feet of lab space, 40,000 square feet of retail space and a 900-space parking garage. Both buildings will serve as anchors for Hood Park, a 20-acre project that is a redevelopment of the former facility of dairy producer H.P. Hood & Sons. At full build-out, Hood Park will comprise 1.8 million square feet of office and life sciences space, 100,000 square feet of retail and restaurant space and 335 residential units.