WALTHAM, MASS. — Blackstone Mortgage Trust has provided $135 million in financing for 830 and 828 Winter St., an existing lab building and a planned lab facility in the Boston suburb of Waltham. HFF worked on behalf of the borrower, King Street Properties, in securing the financing through Blackstone. Loan proceeds will be used to refinance 830 Winter St., which spans 185,000 square feet, and to construct 828 Winter St. Completed in 2001, 828 Winter St. is home to tenants including Praecis Pharmaceuticals, ImmunoGen, GlaxoSmithKline and Histogenics Corp. The new property at 828 Winter St. will include 144,910 square feet across three stories along with a four-level parking garage. King Street broke ground on the project in October 2016 and is planning for a delivery date of July 2018. The HFF debt placement team representing the borrower included Greg LaBine and Porter Terry.
CONSHOHOCKEN, PA. — Keystone Property Group has received zoning approvals for the development of SORA West a transit-oriented mixed-use development in the Philadelphia suburb of Conshohocken. Upon completion, SORA West will include a central plaza surrounded by a 250,000-square-foot office building, retail and dining space, a 171-key hotel, the existing Conshohocken Firehouse and a 950-space parking structure. The project will be located adjacent to the Conshohocken SEPTA train station, near Route 76 and Route 476. Keystone is now in the process of finalizing the plans and pursuing land development approvals. In addition to office, retail, hotel and community uses, the developer is assessing the viability of adding a residential component to the property. Keystone is headquartered in SORA East, which is located one block away from SORA West.
LANCASTER, PA. — HJ Sims has secured $98 million in financing for Brethren Village, a continuing care retirement community in Lancaster. In 2016, Brethren hired Sims to serve as senior managing underwriter for the proposed refinancing of 2008 bonds on the facility. Sims worked with Brethren Village’s independent municipal advisor to pair the refinance with financing to develop an independent living expansion project known as Northside Court. The financing consists of fixed-rate refunding bonds structured with serial and term bonds, a 25-year maturity and level annual debt service. The 2017 refunding bonds include optional redemption provisions of 10 years to enable Brethren to repay the bonds prior to maturity. The Northside Court project financing was structured as a variable rate, tax-exempt direct placement with one bank. The term of the bank commitment is 10 years with a 25-year principal amortization.
BOSTON — WS Development has hired architecture firm OMA to design a mixed-use project located at 88 Seaport Blvd. in Boston. The project, located in Boston’s Seaport District, is OMA’s first commission in the city of Boston. OMA’s Shohei Shigematsu will lead the design efforts at 88 Seaport, which upon completion will include nearly 425,000 square feet of office space, 60,000 square feet of retail on the first two floors and 5,000 square feet of civic/cultural use. Construction is slated to begin in 2018 and finish in 2020.
BUTLER, PA. — Cambridge Healthcare Solutions has completed development of a Department of Veterans Affairs (VA) healthcare center in Butler. Cambridge teamed with Stantec for design and Mascaro Construction for construction of the building. The VA accepted the facility on May 26, and Cambridge will remain as asset manager throughout a 20-year lease. The 251,000-square-foot facility is located on 46 acres on Duffy Road and valued at approximately $110 million. The healthcare center is expected to open in late August will provide outpatient primary care, specialty services, mental health, dental, physical rehabilitation and women’s health care, augmenting services offered at an existing VA campus in Butler.
DETROIT — Olympia Development has unveiled the initial phase of residential development at The District Detroit, featuring six buildings. The plan includes the redevelopment of four existing buildings — The Alhambra, The American, The Eddystone and 150 Bagley — as well as the construction of two new buildings. Of the 686 total units, 139 will be designated as affordable housing for those making no more than 80 percent of the area median income. This is Detroit’s single largest project of new market-rate apartment units, affordable units and redeveloped historic buildings in more than 20 years, according to Olympia Development. Olympia Development has teamed up with American Community Developers Inc. on five of the properties near Little Caesars Arena. Bagley Development Group will assist with the redevelopment of 150 Bagley. Construction of the new buildings is expected to begin later this year, with the renovation of existing buildings beginning in 2018. The District Detroit is a 50-block, mixed-use development led by Ilitch Holdings Inc. encompassing theaters, sports venues, restaurants, shops, offices and residential space.
CHICAGO — CBRE has brokered the sale of Bel-Harbour in Chicago for $51.5 million. The sale of the 207-unit condominium property is a deconversion to rental units. The 30-story property is located at 420 W. Belmont Ave. in the Lakeview neighborhood. The building features a mix of studio, one- and two-bedroom units. Amenities include a heated indoor pool, sun deck and on-site maintenance and management. John Jaeger, Dan Cohen and MJ Zaring of CBRE represented the seller, Bel-Harbour Condo Association. Strategic Properties of North America purchased the property. “This is the largest condo deconversion transaction we have seen in Chicago in a long time,” says Jaeger. “Investors are capitalizing on these opportunities to enter the multifamily market in excellent locations. You can’t build a rental building of this size at this location. As the multifamily market continues to perform at such a high-level, this will be one of the most effective ways investors can bring new rental product to the market.” Under the Condominium Property Act in Illinois, unit owners can elect to sell a condo property if 75 percent or more are in agreement.
SHARONVILLE, OHIO — NorthMarq Capital has arranged a $7.7 million refinancing loan for Crescent Centre in Sharonville, about 15 miles north of Cincinnati. The 131,400-square-foot industrial property spans the addresses of 12071-12082 Champion Way, 12092-12108 Champion Way and 2511 East Crescentville Road. The 10-year loan includes a 25-year amortization schedule. A life insurance company provided the loan.
O’FALLON, ILL. — Tremont Realty Capital, a division of The RMR Group, has arranged a $5.5 million loan for the refinancing of Valley View Estates in O’Fallon, about 17 miles east of St. Louis. Tremont arranged the 10-year loan for the 223-unit manufactured home community through a lending relationship.
AUSTIN, TEXAS — Ridge, the industrial development branch of Transwestern Development Co., has broken ground on a 351,171-square-foot industrial project within Southpark Commerce Center in Austin. The project is expected to deliver three buildings during the fourth quarter, with each building featuring 24-foot clear heights and more than 20 dock doors and 120 parking spaces. Situated on 24.2 acres near the intersection of Interstate 35 and State Highway 71, the center will encompass 2.3 million square feet at final buildout.