BOSTON — Cambria Hotels has opened the 159-room Cambria Hotel Boston, Downtown-South Boston. The hotel offers close access to the Massachusetts Bay Transportation Authority red line. Amenities include a rooftop restaurant, lobby lounge, fitness center and 160-person event space. RODE Architects designed the building, the first Cambria Hotel in Massachusetts.
NORTH HAVEN, CONN. — Hartford HealthCare Corp. will open a new 40,700-square foot facility in the 273,452-square-foot North Haven Pavilion retail center in North Haven, a northern suburb of New Haven. Hartford HealthCare provides a range of medical services including air ambulance, behavioral health and rehabilitation, and skilled nursing and home health services. The facility will occupy space in the former Sports Authority building, joining tenants including Target and Michaels. National Realty & Development Corp. is the owner of the retail center. The facility is slated to open this summer.
WESTPORT, CONN. — Flexible workspace provider Serendipity Labs has opened a 23,000-square-foot coworking office space in Westport, an eastern suburb of Stamford. The space is located at 55 West Boston Post Road Homeclear Serendipity Westport LLC owns the office building.
ELMWOOD PARK, N.J. — NAI James Hanson has negotiated a 3,005-square-foot lease expansion for roofing contractor Peck Brothers LLC in Elmwood Park, a western suburb of New York City. The company originally leased 4,970-square-feet at Elmwood Park Plaza beginning in 2018, and its headquarters now occupies a total 7,973 square feet. Located at 475 Mark Street, the total square footage of the building is 68,000 square feet. Randy Horning and Darren Lizzack represented Peck Brothers in the lease negotiations. Alfred Sanzari Enterprises is the landlord.
CAMBRIDGE, MASS. — Square Mile Capital Management LLC has provided a $433.8 million construction loan for the next phase of Cambridge Crossing, a mixed-use development in the Boston area. The loan will fund construction of a nine-story, 479,000-square-foot life sciences and tech building with ground-floor retail space and below-grade parking. The loan will also finance the construction of a two-story, 19,000-square-foot retail and office building located on a separate parcel. The borrower was DivcoWest, a developer with five offices around the country. Cambridge Crossing will ultimately feature 2.1 million square feet of life sciences and tech space, 2.4 million square feet of residential space, 100,000 square feet of retail space and 11 acres of open green space.
MOUNT LAUREL, N.J. — JLL has negotiated the $18.2 million sale of Larchmont Commons, a 128,172-square-foot retail center in Mount Laurel, a suburb of Philadelphia. Anchored by ALDI, Planet Fitness and Dollar Tree, the property was 88 percent leased at the time of sale. Other tenants include Hair Cuttery, The UPS Store and Kumon Learning Center. Chris Munley, James Galbally, Jose Cruz and Colin Behr of JLL represented the sellers, RPC Real Estate and Merion Realty Partners. Ryan Ade of JLL placed a $12.9 million, fixed-rate acquisition loan through an institutional lender on behalf of the buyer, Wisconsin-based Gorman & Co. LLC.
AMHERST, MASS. — Metro Boston-based investment firm Crosspoint Associates Inc. has purchased Amherst Shopping Center, an 81,702-square-foot retail asset in the central Massachusetts city of Amherst. Built in 1997 and anchored by Big Y Supermarket and CVS, the property was 97 percent leased at the time of sale. Additional tenants include Dunkin’, Goodwill and Supercuts. Nat Heald and Chris Angelone of JLL represented the undisclosed seller in the transaction. The price was not released.
PLAINSBORO, N.J. — Berkadia has arranged a $43 million loan for the refinancing of Deer Creek, a 288-unit apartment community in Plainsboro, a northern suburb of Trenton. The property is situated on 34 acres, features one- and two-bedroom units, and offers amenities such as a pool, tennis courts and a fitness center. Robert Falese of Berkadia arranged the loan on behalf of the borrower, a joint venture between Verde Capital Corp., Kushner Real Estate Group and Oxford Realty Group, which acquired the asset in 2016 and implemented a value-add program.
NEW YORK CITY — Taco Bell Cantina, a concept from the fast-food chain that incorporates alcoholic beverage service, will open a new restaurant at The Paramount Building, an 800,000-square-foot tower located in Manhattan’s Times Square. David Firestein and Jenna Heidenberg of SCG Retail represented Taco Bell in the lease negotiations. Ross Berkowitz, Jason Wecker and Andrew Taub of Newmark Knight Frank represented the landlord, Rosemark Management and Levin Management Corp. in conjunction with in-house representatives of those firms. The opening is slated for this summer.
BOSTON — JLL has arranged an $870 million construction loan for the first phase of the redevelopment of Boston’s South Station transit hub. Upon completion, the project will ultimately comprise 1.9 million square feet of commercial and residential space. The initial phase will feature a 1.2 million-square-foot, 51-story mixed-use tower rising above the historic transit station, which was built in 1898. Scheduled for completion in 2024, the tower will house approximately 660,000 square feet of Class A office space, 166 condominium units and more than 500 parking spaces. Pelli Clark Pelli Architects is designing the project. The office component will feature 26,000-square-foot floor plates, 13-foot floor-to-ceiling windows and unobstructed views of downtown Boston and Boston Harbor. The residential component will include one-, two- and three-bedroom units, as well as penthouse duplex units, and amenities such as an outdoor pool, fitness center, conference center and onsite restaurant. Riaz Cassum and Jennifer Kelly of JLL arranged the loan through The Children’s Investment Fund on behalf of the borrower, a joint venture between Hines, APG Groep NV and Dune Real Estate Partners. “Developments of this quality and magnitude arise infrequently in a mature market such as Boston,” says Cassum. “The tower at South Station …
