CAMBRIDGE, MASS. — Cornerstone Realty Capital has arranged a $6.5 million loan for the refinancing of a 26-unit apartment building in Cambridge. Originally built in 1903, the property consists of 25 three-bedroom units and one two-bedroom unit that have been renovated in phases over the last several years. Cornerstone arranged the nonrecourse loan, which was structured with a 10-year term, fixed interest rate and 24 months of interest-only payments. The borrower was locally based management firm The Micozzi Companies.
NEW YORK CITY — Locally based firm Ariel Property Advisors has placed a $6 million loan for the refinancing of a 93-unit multifamily portfolio that comprises three rent-stabilized properties in Manhattan’s Washington Heights area. Matt Dzbanek of Ariel Property Advisors originated the financing, which allowed the undisclosed borrower to receive $3 million cash back to address capital expenditures. The exact locations of the properties were also undisclosed. The borrower, a family office, has owned the portfolio since 1971.The lender is a privately held entity that provides bridge and construction loans off of its fully discretionary balance sheet.
TARRYTOWN, N.Y. — Ampacet Corp., a manufacturer of masterbatches, an additive used for coloring plastics, has signed a 35,000-square-foot office lease renewal in the northern New York City suburb of Tarrytown. Jamie Schwartz internally represented the landlord, GHP Office Realty LLC, an affiliate of Houlihan-Parnes Realtors LLC, in the negotiations for the seven-year renewal. The deal brings the property, which GHP acquired in 2017, to full occupancy.
CONSHOHOCKEN, PA. — Keystone Property Group has begun development of Hotel West +Main, a 127-room hotel in the northern Philadelphia suburb of Conshohocken that will be operated under the Tapestry Collection by Hilton brand. Keystone has partnered with Concord Hospitality Enterprises to develop and operate the boutique hotel, which is part of the 520,000-square-foot SORA West mixed-use development. The hotel is expected to open in the second half of 2022.
BOSTON — Callahan Construction Managers has broken ground on a 108-unit apartment project located at 5 Washington St. in Boston’s Brighton neighborhood that will have 18 units designated as affordable housing. The five-story building will also house 12,500 square feet of ground-floor retail space and 127 parking spaces. Building amenities will include a fitness area, clubhouse, entertainment kitchen, home office space and an outdoor terrace with two quartz-topped bars, cabanas, gas grills and fireplaces. Washington Square Ventures is the developer, and Stantec is the architect. Completion is scheduled for the fourth quarter of 2022.
SOUTHBRIDGE, MASS. — Arch Communities and WinnDevelopment are underway on construction of a $25.7 million adaptive reuse project in Southbridge, located in the south-central part of the state, that will convert the Mary E. Wells school into a 62-unit affordable housing community for seniors aged 55 and above. The majority (56) of the units will be reserved for renters earning 60 percent or less of the area median income (AMI), while the remainder will be restricted to households earning 30 percent or less of AMI. The school was built in 1916 as the town’s first public high school and has been vacant since 2012. Upon completion, which is slated for spring 2022, Wells School Apartments will feature a fitness center, tenant lounge, activity room, game room, library and an internal courtyard.
FAIRFIELD, N.J. — The Stro Companies, a New Jersey-based investment firm, has acquired a 77,000-square-foot industrial property in the Northern New Jersey city of Fairfield. The property is leased to pharmaceutical manufacturing company Maquet, and Stro intends to find a new life sciences tenant when Maquet’s lease expires at the end of this year. Howard Weinberg of JLL represented the undisclosed seller in the transaction. Prudential Bank provided acquisition financing to Stro Cos.
MILLBURN, N.J. — Icebox Cryotherapy, a rehabilitative physical therapy concept, has opened its flagship studio at Plaza at Short Hills in the Northern New Jersey community of East Rutherford. Dean Tselepis and Joe Brendel of Newmark represented Icebox Cryotherapy in the lease negotiations. Other tenants at the property include SoulCycle, Club Pilates, Kings Supermarket and Chase Bank. The name and representative of the landlord were not disclosed.
By Steve Callahan Jr., vice president of business development, Callahan Construction Managers Despite the turmoil caused by the COVID-19 pandemic, Boston has experienced significant job growth over the last 12 to 18 months in the life sciences, healthcare, technology and finance sectors. The health of these industries will require that employees in these fields have access to much needed, reasonably priced housing as companies continue to grow and build, creating more local jobs. Demand for rental housing over the past few years has been mostly driven by millennials who work in these fields. This trend is expected to continue as young professionals in these sectors no longer need to commute to the office by virtue of the pandemic forcing many companies to adopt work-from-home programs. In addition, these renters are seeking to upgrade to larger units with more modern amenities and access to outdoor spaces and activities. More than 7,100 units were delivered last year in the Boston area, only slightly less than the cyclical high of nearly 7,500 apartments added in 2018. However, most projects that were either started or delivered in 2020 were aimed at lifestyle renters in or near Boston’s city center. This could spell trouble for …
BOSTON — DivcoWest has topped off a 480,000-square-foot life sciences building at 250 Water St. within Cambridge Crossing, a 43-acre mixed-use development that is located at the intersection of the cities of Boston, Cambridge and Somerville. Global biopharmaceutical firm Bristol Myers Squibb has preleased 360,000 square feet at the building, which is expected to be complete in the first quarter of 2022. Other life sciences users at Cambridge Crossing include Sanofi and Cerevel Therapeutics.