This Week's Boston Deal Sheet
Cabot, Cabot & Forbes filed plans for a 14-acre mixed-use life sciences campus in Woburn. The plan, branded as 216 New Boston, calls for a 175K SF lab and office building and a 135K SF biomanufacturing facility.
The project would replace the industrial buildings on the property, which sits near major highways I-93 and I-95. The site is also next to a planned 675-unit residential development. Cushman & Wakefield will manage the leasing for the project.
“We are excited that 216 New Boston will add to the growing life science community in Woburn and transform an underutilized area into a collaborative campus for the future,” CC&F Project Manager Shaun Sullivan told the Daily Times Chronicle.
CC&F has also worked on three recent projects including 60 Kilmarnock in Boston, St Gabriel's in Brighton and 120 Commerce Way in Woburn.
SALES
City Realty purchased a 132K SF office building for $18M in Quincy Center, Banker & Tradesman reported. The 1515 Hancock St. building is occupied by tenants including InteliCare, the Social Security Administration and South Coastal Career Development. Hunneman Real Estate represented the seller, which wasn't named, and Cushman & Wakefield was retained as the leasing agent.
FINANCING
MassHousing closed on a deal to provide $16.8M in financing to Affordable Housing and Services Collaborative and Peabody Properties for an affordable housing project in Charlestown. The project, a redevelopment of the Zelma Lacey House, will create 48 units of affordable senior housing.
The development will consist of nine studio apartments, 38 one-bedrooms and one two-bedroom apartment. MassHousing has financed six rental communities in Charlestown with a total of $58.2M.
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Cambridge Savings Bank provided The Michaels' Organization with a $61.7M construction loan for a ground-up project in Dorchester, it announced Thursday. The development, located at 780 Morrissey Blvd., will include 219 units of mixed market-rate and affordable units.
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MassDevelopment issued a $30M tax-exempt bond to The Berkshire School Inc., a boarding and day school in Sheffield. The school plans to add 17K SF to its existing student center and replace the building's roof, windows and mechanical systems.
This isn't the first time MassDevelopment has helped the school. In 2018, the agency provided a $3M tax-exempt bond to the school to help with another addition. TD Bank purchased the bond and construction is planned to begin in 2023.
EXECS
Eamon Shelton was named the new commissioner of property management for the city of Boston, Mayor Michelle Wu announced last week. As commissioner, Shelton will manage maintenance, repair, security and operations of Boston's City Hall and focus on preserving city assets.
Before becoming commissioner, Shelton worked for the Boston Public Library, most recently as director of operations. He also works as a part-time lecturer at Northeastern University's College of Professional Studies, teaching students about construction management.
THIS AND THAT
The Boston Planning & Development Agency approved of a new biotech project, Seaport Circle, which will consist of 650K SF of lab and office space, a 15K SF training and workforce development center and a new Silver Line stop. The project sits on a 1.9-acre parcel and will be developed by Lincoln Property Co.
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Weston Associates filed a new proposal for a two-building project in Boston's Mission Hill neighborhood. The proposal for 80-100 Smith St., a 202K SF project, would include two residential buildings with a mix of homeownership and rental unit options.
