This Week's Boston Deal Sheet
Newton-based Fulcrum Global Investors has submitted plans for a 643-unit, high-rise apartment complex in Everett.
Branded as Sofia, the project is planned to total 675K SF on a 1.6-acre parcel at 380 Second St. The site currently houses a 30K SF warehouse, the Banker & Tradesman reported.
The building is planned to feature a mix of studios to two-bedroom units, and 10% of the units would be income-restricted. The complex would also include over 37K SF of amenity space and over 8K SF of ground-floor retail.
The proposed site is next to the Sky Everett Tower site, a $215M high-rise that was approved last year and is expected to break ground in 2023. Another nearby development site at 108-114 Spring St. was acquired by V10 Development, which plans a 21-story, 366-unit apartment building.
SALES
Nuveen Real Estate acquired a 156-unit apartment community in Marlborough for $59.2M from National Development, CBRE announced Friday. The apartment community consists of 17 low-rise buildings. Each building features a mix of one- and- two-bedroom units.
The deal was brokered by CBRE’s Simon Butler, Biria St. John and John McLaughlin.
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The Claremont Cos. bought the Residences at Highland for $35.25M, CBRE announced Thursday. The Westwood apartment community consists of 102 units in two four-story residential buildings. It has a mix of one- and- two-bedroom units.
Claremont owns additional suburban apartment communities in Weymouth, South Dartmouth and Bridgewater, according to its website. CBRE brokered the deal and represented the seller, National Development.
LEASES
Takeda Pharmaceuticals, a Japanese drug manufacturer, signed a full-building lease in BioMed’s proposed 16-story, 600K SF development in Kendall Square. Branded as 585 Kendall, the project is planned to be completed in 2026.
The developer has also planned to build a 300-seat performing arts venue and has committed to relocate a gas transfer station on Third Street. Takeda has also planned to move into two floors at 650 East Kendall St. and plans to transition away from several offices it previously leased in Central Square.
FINANCING
Eastern Union secured $83.8M in financing for an undisclosed buyer for the acquisition of two multifamily properties in Amherst and Sunderland. The seller of the properties was Northland, a Boston-based real estate developer, and the financing was provided through Newmark.
The Boulders, a 256-unit apartment building in Amherst, received a 10-year mortgage for $44.8M. Cliffside Apartments, a 280-unit building in Sunderland, received a 10-year, $39M mortgage.
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Enterprise Community Partners closed a $341.5M Low-Income Housing Tax Credit fund that will create or preserve the affordability of 2,997 homes across the country, including in Boston. Enterprise is planning to finance the renovation of eight apartment buildings in Jamaica Plain and Roxbury.
The buildings consist of 78 apartments, and the financing will preserve the affordability for 67 of them to be restricted to those making 60% of the area median income. Another eight units will be restricted at 30% AMI, and three units will have no restrictions to allow current residents that are above the income thresholds to remain. Urban Edge Housing is the project's developer, and the renovations are expected to be completed by October 2023.
THIS AND THAT
A new proposal with the Boston Planning & Development Agency calls for the redevelopment of 7 Channel Center St. in South Boston’s Fort Point neighborhood. The proposed plan from 7 CC 73 Owner LLC consists of 225K SF of research and development and office space. The plan would add six stories onto the existing three-story building.
The plan is part of the larger development of the Channel Center area, a decades-long project consisting of 7 acres of newly constructed lab space between A Street and Medallion Avenue. Beacon Capital Partners began development on the Channel Center project back in 2001 and hopes to finish this newest project in early 2023.
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Dacon, a Natick-based design firm, completed the construction of a 47K SF production facility in North Andover for Bake’n Joy Foods. The project included a renovation of a 1970s-era industrial building.
In 2017, the company expanded operations to include 20K SF of new production and associate space. In 2018, the company made other renovations to its quality control and research and development labs, its website states.
