This Week's Boston Deal Sheet
Boston-based developer Hudson Group recapitalized and refinanced one of its downtown apartment buildings.
Hudson and its partner, Brookfield Asset Management, secured a $97.46M refinancing loan from Freddie Mac through JLL Real Estate Capital for the Radian at 120 Kingston St. in Chinatown that Hudson and Forest City delivered in 2014.
Brookfield took over Forest City’s 50% share of the property when it acquired the developer in 2018. As part of the transaction, Brookfield sold its 50% share into a new entity, Radian Partners Property Owner LLC, for $97.5M, according to property records, valuing the a 26-story, 240-unit tower at $195M.
The new LLC is registered to Pacific Life Insurance Co., which is a sign that the insurance giant has come on as an equity partner in the deal. Pacific Life originally provided the partners with an $83M construction loan in 2012, according to records. The new loan expires in 2032. Hudson Group’s Noam Ron confirmed the deal was a recapitalization and refinancing, but declined to comment further.
The tower made national news for being one of many luxury apartments that began to spring up in the downtown as part of the city's retail and housing revitalization. The building includes 24-hour concierge services, a fitness center, work-from-home lounges and a pet spa.
SALES
International private equity firm EQT Exeter acquired a new Brighton apartment building for $145M, Bisnow reported last week. The firm bought the 211-unit apartment building, marketed as 1550 on the Charles, from Watertown-based SMC Management Corp.
The complex was proposed in 2018 by Dinosaur Capital Partners LLC and was part of a two-building development. The other building, 21 Soldiers Field Road, is not part of this sale. 1550 on the Charles began leasing in June offering future tenants one month's free rent.
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Mission Hill Hospitality, a KSL Capital Partners subsidiary, bought two hotels with a total of 171 rooms in the Berkshires for $38M, according to public records. The deal included Courtyard Lenox Berkshires and Hampton Inn and Suites Berkshires-Lenox.
Courtyard Lenox Berkshires was built in 2017 and has 92 rooms. The Hampton Inn & Suites Berkshires-Lenox was built in 2008 and includes 21 suites, a small meeting room and an indoor pool. JLL's Alan Suzuki, Matthew Enright and Emily Zhang represented the seller, Toole Cos.
LEASING
Skyhawk Therapeutics and Dragonfly Therapeutics signed leases totaling 140K SF at Boston Properties' 180 CityPoint in Waltham. Skyhawk leased 120K SF and Dragonfly leased 20K SF.
The two life sciences companies are co-founded and led by Bill Haney and are currently headquartered in another location in Waltham. 180 CityPoint is part of Boston Properties' $275M, 329K SF Waltham campus and is scheduled to be completed in April.
FINANCING
Newmark secured $96.5M in financing for 50 and 54 Otis St., two industrial buildings in Westborough. Atlantic Management was the borrower in the deal and received $70.5M for 50 Otis St., a 406K SF R&D building, and $26M for 54 Otis St., a 100K SF industrial building.
Newmark's Robert Griffin, David Douvadjian Sr., Timothy O’Donnell, Brian Butler, David Douvadjian Jr. and Conor Reenstierna represented Atlantic Management. Both properties are fully leased.
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MassDevelopment issued $207M in tax-exempt green bonds to Harvard University, which the university will use toward financing or refinancing three sustainable university buildings in Boston and Cambridge. The bonds were sold through a public offering underwritten by a group of banks led by Goldman Sachs.
Some of the projects supported by the bonds include the Science and Engineering Complex at 150 Western Ave. and the Soldiers Field Park housing complex at 111 Western Ave.
EXECS
Matthew Connors joined Hancock Associates as the company's regional engineering manager. Connors will help with Eastern engineering operations in the state. Connors has almost 30 years of experience including site/civil engineering, project management and construction administration.
CONSTRUCTION AND DEVELOPMENT
Developers of a former YMCA building in Beverly completed its renovation and vertical expansion. The historic building, now known as Cabot Housing, was renovated by Windover Construction and SV Design and will offer 67 units of affordable housing.
The 44K SF renovation included the addition of a fourth floor and the removal of the original pool and fitness center to bring in a new community room, laundry facility and bike storage. Tenants will also receive a complimentary YMCA membership.
CORRECTION, AUG. 16, 11:30 A.M. ET: A previous version of this story stated that Hudson Group sold Radian Apartments. The group actually recapitalized and refinanced the property with its partner, Brookfield Asset Management. The story has been updated.
