Northeast

1690-Revere-Beach-Parkway-Everett-Massachusetts

Greystar Breaks Ground on 325-Unit Multifamily Project in Everett, Massachusetts

by Taylor Williams December 12, 2022

EVERETT, MASS. — South Carolina-based developer Greystar has broken ground on a 325-unit multifamily project in the northeastern Boston suburb of Everett. The site at 1690 Revere Beach Parkway previously housed a Stop N Shop grocery store. The project, which represents Phase I of a larger, 741-unit development, will ultimately house 875 parking spaces, 9,500 square feet of retail space and 22,800 square feet of indoor and outdoor amenities. CUBE3 Architects designed the project. Phase I is slated for an early 2025 completion.

December 12, 2022

Loans Massachusetts Multifamily Northeast Seniors Housing

MassHousing Provides $31M in Financing for Affordable Seniors Housing Complex in Metro Boston

by Taylor Williams December 12, 2022

CHARLESTOWN, MASS. — MassHousing has provided $31 million in financing for City Square Elderly Housing, a 120-unit affordable seniors housing complex in Charlestown, a northern suburb of Boston. The complex was originally constructed in 1900 and renovated in 1985. Units come in studio and one-bedroom floor plans. The borrower, CSI Support & Development Services, will use the proceeds to refinance existing debt, fund capital improvements and preserve the property’s affordability status. The loan carried a 35-year term and a fixed interest rate.

December 12, 2022

Acquisitions Connecticut Industrial Northeast Self-Storage

Marcus & Millichap Arranges Sale of Self-Storage Development Site in Woodbury, Connecticut

by Taylor Williams December 12, 2022

WOODBURY, CONN. — Marcus & Millichap has arranged the sale of a self-storage development site in Woodbury, located in the western part of the state, that is approved for 217 units across 23,690 net rentable square feet of climate-controlled space. Luke Dawley, Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were limited liability companies that requested anonymity. John Krueger of Marcus & Millichap assisted in closing the deal as the broker of record.

December 12, 2022

Acquisitions Northeast Office Pennsylvania

NAI Mertz Brokers Sale of 23,433 SF Office Building in Bristol, Pennsylvania

by Taylor Williams December 12, 2022

BRISTOL, PA. — NAI Mertz has brokered the sale of a 23,433-square-foot office building in Bristol, located northeast of Philadelphia in Bucks County. Zena Charokopos and Rick Gordon of NAI Mertz represented the seller in the transaction. Adam Lashner and Jeff Licht, also with NAI Mertz, represented the buyer, which plans to use the property as an adult care facility. Both parties requested anonymity.

December 12, 2022

Tower-at-Avenue-North-Wilmington-Delaware

Delaware Development Northeast Office

Delle Donne & Associates Breaks Ground on 150,000 SF Office Building in Wilmington, Delaware

by Taylor Williams December 9, 2022

WILMINGTON, DEL. — Delle Donne & Associates has broken ground on Tower at Avenue North, a 150,000-square-foot office building that will be located within the 79-acre Avenue North mixed-use development in Wilmington. A third of the space at the 12-story building will be dedicated to retail and restaurant usage. Office users will also have access to outdoor amenity spaces and electric vehicle charging stations. Construction is slated for a March 2024 completion. JLL will handle leasing of the building.

December 9, 2022

Affordable Housing Loans Massachusetts Multifamily Northeast

MassHousing Provides $18.1M Loan for Refinancing of Metro Boston Housing Cooperative

by Taylor Williams December 9, 2022

CHELSEA, MASS. — MassHousing has provided an $18.1 million loan for the refinancing of Admiral’s Tower, a 100-unit housing cooperative located in the northeastern Boston suburb of Chelsea. The six-story building was originally constructed in 1986 and houses 26 studios and 74 one-bedroom units. The borrower, CSI Support & Development Services, will use a portion of the proceeds to fund capital improvements and preserve the property’s affordability status. Renovations will include kitchen and bathroom refurbishments, masonry repairs, new doors and fencing and the addition of a fitness center and staff offices.

December 9, 2022

Loans Multifamily New Jersey Northeast

JLL Arranges $11M Permanent Loan for Northern New Jersey Apartment Community

by Taylor Williams December 9, 2022

RAHWAY, N.J. — JLL has arranged an $11 million permanent loan for Rahway Plaza, a 288-unit apartment community in Northern New Jersey. The two-building property houses one- and two-bedroom units and amenities such as a pool, outdoor grilling and dining stations and a newly renovated children’s playground and recreation area. Michael Klein, Jon Mikula and Salvatore Buzzerio of JLL arranged the five-year, fixed-rate loan through Malvern Bank on behalf of the borrower, New Jersey-based Denholtz Properties.

December 9, 2022

Leasing Activity Massachusetts Northeast Retail

Life Time Fitness Opens 52,000 SF Gym in Medford, Massachusetts

by Taylor Williams December 9, 2022

MEDFORD, MASS. — Life Time Fitness has opened a 52,000-square-foot gym in Medford, located on the northern outskirts of Boston. Life Time Wellington Station will be a three-story, transit-served facility that will house a 16,000-square-foot floor for personal and group training sessions, a four-lane indoor lap pool, spa and a café. A ribbon-cutting ceremony was held this morning.

December 9, 2022

Development Northeast Pennsylvania Retail

Federal Realty Breaks Ground on 18,000 SF Phase II of Metro Philadelphia Shopping Center

by Taylor Williams December 9, 2022

WILLOW GROVE, PA. — Federal Realty Investment Trust has broken ground on the second phase of construction at Willow Grove Shopping Center, a 211,000-square-foot development located on the northern outskirts of Philadelphia. Phase II will deliver an 18,000-square-foot outparcel building, new dining and public amenities and newly designed walkways and pocket plazas. Completion is slated for summer 2023.

December 9, 2022

Affordable Housing Loans Massachusetts Multifamily Northeast

Partnership Receives $93M Construction Loan for Multifamily Redevelopment in Metro Boston

by Taylor Williams December 8, 2022

CHELSEA, MASS. — A partnership between developers John M. Corcoran & Co. and Joseph J. Corcoran Co. and private equity firm Marcus Partners has received $93 million in construction financing for the redevelopment of the Innes Apartments in Chelsea, a northeastern suburb of Boston. The project will convert an eight-building complex that was originally constructed in the 1950s into a mixed-income community with street-level retail space. A syndicate of lenders led by Cambridge Savings Bank provided the debt. A timeline for completion was not disclosed.

December 8, 2022

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